The Municipality of Worthington is hereby declared to be the only legal successor of the City of Worthington and as such the Municipality has title to all property real and personal, owned by the City including all monies on deposit and all taxes in the process of collection together with all accounts receivable and rights of action. All tax levies voted for a term of years shall remain in effect for the full term provided in such vote. The Municipality also is liable for all outstanding orders, contracts and debts of the City and for any other obligations for which it may be held liable, as successor to the City, by any court of competent jurisdiction.