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The municipal corporation existing as the Village of Wauseon under the general statutes of the State of Ohio shall continue to be a body politic and corporate under the same name under this Charter. The Municipality shall have the same boundaries that exist on the effective date of this Charter, with power and authority to change its boundaries and annex territory in the manner authorized by the laws of Ohio. When the Village of Wauseon shall attain city status under the laws of Ohio, it shall be known as the "City of Wauseon." As used in this Charter, "Municipality" shall mean either the Village or City of Wauseon, as appropriate.