All real estate owned in fee simple title or held by lease, sufferance, easement or otherwise; all public buildings, fire stations, parks, waterways, public squares, streets, alleys and all property of whatever kind, character or description, whether real or personal, which has been granted, donated, purchased or otherwise acquired by the City of Port Isabel, through any means or agency, and all causes of action, rights and privileges of every kind and character, and all property of whatsoever character and description which may have been or is now held, controlled or used by the said City of Port Isabel for public ways or in trust for the public shall vest in and remain in and inure to the said corporation of the City of Port Isabel by the legal adoption of this Charter.