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