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On the effective date of this Charter all of the financial and other assets and property of the Village of Lake Angelus, including special assessments levied and all delinquent taxes and other obligations owed to the Village, shall become the assets of the City of Lake Angelus as the successor to such government, subject to such encumbrances as may exist against the Village, including the payment of the principal and interest on any bonds which may have been issued by or on behalf of said Village, and for the payment of any indebtedness incurred by it. Such financial assets shall be available for the use of the City. Until funds are appropriated by the City, the expenses of government of the City shall be paid out of the financial assets received from said Village, and shall be deemed to have been appropriated for the purpose of paying such expenses. The assets and liabilities due the Village of Lake Angelus as a result of the incorporation of the City of Auburn Hills shall become assets and liabilities of the City of Lake Angelus.