The City of Monterey shall remain vested with and continue to have, hold and enjoy, all property, rights or property, and rights of action of every nature and description now pertaining to said municipality and is hereby declared to be the successor to same. No right, liability, pending suit or prosecution on behalf of, or against, the City shall be affected by the adoption of, or any amendment to this Charter. All contracts entered into by the City prior to the taking effect of this Charter, or any amendment hereto, shall continue in full force and effect.