After the effective date of the Charter, the City shall be vested with all property, moneys, contracts, rights, credits, effects, and the records, files, books and papers belonging to it under and by virtue of the previous Charter. No right or liability, either in favor of or against the city, existing at the time of this Charter became effective, and no suit or prosecution of any character, shall in any manner be affected by any change resulting from the adoption of this Charter, but the same shall stand or proceed as if no change had been made. All debts and liabilities of the City shall continue to be its debts and liabilities, and all fines and penalties imposed at the time of such change shall be collected.