At the time this charter shall become effective, the city shall be vested with all the real and personal property, moneys, contracts, rights, credits, effects, records, files, books, papers and all other property of every name and nature, belonging to the Village of Inkster. No right or liability, either in favor of or against said Village, existing at the time this charter shall become effective, and no suit, prosecution or legal proceeding of any kind, shall be affected in any manner by the incorporation of the Village as a City, but the same shall stand or proceed as if no change had been made. All debts and liabilities of said Village shall be the debts and liabilities of the city. All taxes and special assessments levied and uncollected at the time of the change from the village to the city form of government, all taxes and special assessments in the process of levy at the time of change from village to city government, and all fines and penalties imposed prior thereto, shall be collected or levied and collected by the city. All licenses, permits and franchises granted by said Village, in force when this charter takes effect, shall remain in full force and effect until the expiration of the time for which they were respectively granted.