After the adoption of this Charter, the City shall continue to be vested with all property, monies, contracts, rights, credits, effects, records, files, books and papers belonging to it under and by virtue of the previous Charter and with any additional property and rights as herein prescribed. No right or liability, in favor of or against the City, existing at the time this Charter becomes effective, and no suit or prosecution of any character, shall in any manner be affected by any change, 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, and all licenses issued by the City shall be and remain the same as if such change had not been made.