The municipality shall continue to own, possess and control
all rights and property of every kind and nature owned, possessed
or controlled by it when this Charter takes effect and shall be subject
to all its debts, obligations, liabilities and duties.
The Mayor, members of Council, City Treasurer and the City Controller
in office at the time this Charter becomes effective shall remain
in office for the full terms for which they were originally elected
and shall perform the duties and exercise the powers set forth in
this Charter, unless they resign or leave office.