The City of Elyria, under this Charter, is hereby declared to be the legal successor of the City of Elyria, under the laws of the State of Ohio, and as such it has title to all property, real and personal, owned by its predecessor, including all moneys on deposit and all taxes in process of collection together with all accounts receivable and rights of action. The City is liable for all outstanding orders, contracts and debts of its predecessor, and for any other obligations for which it may be held liable, as such successor, by any court of competent jurisdiction. All contracts entered into by the City or for its benefit prior to January 1, 1966, shall continue in full force and effect.