The city of Elgin, within the corporate limits as now established or as hereafter may be established, shall continue to be a municipal body politic and corporate in perpetuity under the name of the "City of Elgin, Oklahoma". It shall succeed to and possess all the property, rights, privileges, franchises, powers and immunities now belonging to the corporation known as the city of Elgin, Oklahoma, and shall be liable for all debts and other obligations for which the corporation is now legally bound. (1991 Code § 1-1)