The City of Battle Creek as herein provided shall succeed to all of the privileges, titles, easements, rights of way, causes of action, duties, commitments, powers, obligations and be the complete successor of the previous City of Battle Creek. The City shall be vested with all property, moneys, contracts, credits, effects, records, files, books and papers belonging to it under and by virtue of its previous Charter. No rights, or liability contract, lease, or franchise, either in favor of or against the City, and no suit or prosecution of any character, shall be affected in any manner by any change resulting from the adoption of this Charter, but the same shall stand or proceed, as if no change had been made. All debts and liabilities of the City shall continue to be its debts and liabilities, and all debts owing to it and fines, penalties, interest or fees, imposed and existing at the time of such change, shall be collected by the City. All trusts, established for any Municipal purpose, shall be continued in accordance with the terms thereof, subject to the cypress doctrine. All procedures for borrowing funds, assessing taxes, levying special assessments, establishing budgets, acquiring or disposing of property or rights, or otherwise administering the affairs of the City, in progress on the effective date of this Charter, shall be continued and completed in accordance with the terms hereof. Until the City Commission and City Manager herein authorized have exercised their powers with respect thereto, all officers and employees of the City shall continue to have the same duties, rights, powers and compensation as existed prior to the effective date of this Charter.