Upon the adoption of this Charter, the incumbent members of the present governing body of the City shall become the initial City Council provided for in this Charter. Each member of the City Council thus constituted shall continue in the place to which he or she was elected and shall hold such office for the same term for which he or she was elected as a member of the present City Council and until his or her successor is elected and qualified. The City Council as thus constituted shall have all the powers provided in this Charter.