The inhabitants within the corporate boundaries of the City of Bridgeport, as they now are or as they may hereafter be, shall be and continue to be a municipal body politic and corporate by the name of the "The City of Bridgeport" and as such shall have perpetual succession and shall succeed to and own, possess and enjoy all property, rights, title and interests of every kind and character owned or held by or vested in the City of Bridgeport, a municipal corporation, at the time this charter becomes effective and shall be subject to all existing debts, liabilities or obligations of said municipal corporation.