The Municipality shall continue to own, possess, exercise and/or control, as the case may be, all rights, property, and franchises of every kind or nature, owned, possessed, exercised and/or controlled by it when this Charter takes effect under the same conditions that applied at such time, and shall be subject to all debts, obligations, contracts and liabilities to which it was subject at the time this Charter takes effect, under the same conditions that applied at such time. The same shall include any judicial orders or determinations and binding arbitration rulings.