The Municipality of Brookville, under this Charter, is hereby declared to be the legal successor of the Municipality of Brookville under the laws of Ohio pertaining to special statutory plan villages; and shall have title to all records and property, real and personal, owned by its predecessor, including all monies on deposit and all taxes in process of collection, together with all accounts receivable and rights of action. The Municipality shall be liable for all outstanding orders, contracts, and debts of its predecessor, and for any other obligations for which it may be held liable by any court with jurisdiction. All contracts entered into by the Municipality or for its benefit prior to the effective date of this Charter shall continue in full force and effect.