The inhabitants of the City of Pleasanton, Texas, residing within the limits and boundaries hereinafter described or within such boundaries as may be legally fixed and established and such territory, are and shall continue to be, and are hereby continued and constitute a body politic and corporate by and under the name of the City of Pleasanton, with all the rights, powers, privileges and immunities hereinafter more fully defined and set forth. The City of Pleasanton, Texas is obligated to follow state law, as amended.