The Municipality of Lexington under this Charter is hereby declared to be the legal successor of the Municipality of Lexington under the laws of Ohio; and shall have title to all property, real and personal, owned by its precedessor, including all monies on deposit and all taxes in process of collection, together with all accounts receivable and rights of action. The Municipality shall be liable for all outstanding orders, contracts and debts of its predecessor, and for any other obligations for which it may be held liable by any court of competent jurisdiction. All contracts entered into by the Municipality or for its benefit prior to January 1, 1978 shall continue in full force and effect.