The Municipality of Sebring, under this Charter, is hereby declared to be the legal successor of the Village of Sebring, under the laws of the State of Ohio; and as such, it shall possess title to all property, real and personal, owned by its predecessor, including all monies on deposit and all taxes in process of collection, together with all accounts receivable and rights of action. The successor Municipality shall be liable for all outstanding orders, contracts, and debts of its predecessor; and for any other obligations for which it may be held liable, as such successor, by any Court of competent jurisdiction. All contracts entered into by the Municipality or for its benefit prior to January 1st, A.D., 1980, shall remain and continue in full force and effect.