This Municipality under this Charter is hereby declared to be the only legal successor of the Village of Ottawa, and as such has and shall continue to have title to all property, real and personal, owned by the Village of Ottawa, including but not limited to all moneys on deposit, accrued taxes and taxes in the process of collection, accounts receivable and rights of action. This Municipality is and shall continue to be liable for all outstanding orders, contracts and debts of the Village of Ottawa.