The inhabitants within the corporate limits of the City of Purcell, Oklahoma, as now established or as hereafter may be established in the manner provided by law, shall continue to be a municipal body politic and corporate in perpetuity under the name of the "City of Purcell." It shall succeed to and possess all the property rights, privileges, franchises, powers and immunities now belonging to the corporation known as the City of Purcell; and shall be liable for all debts and other obligations for which the corporation is now legally bound. For purposes of this Charter, the term "City" refers to the City of Purcell.