The municipal corporation now existing in the County of Lucas and State of Ohio, and known as the Village of Waterville shall continue to be a body politic and corporate under the name of Waterville.
   The term “Municipality”, as used in this Charter, shall be construed to mean the Village of Waterville so long as it remains a Village and also the City of Waterville when, under the Constitution and laws of the State of Ohio, the Municipality shall change in status from that of a Village to that of a City.