1. (1) Each suit, prosecution, debt and claim shall be transferred to the newly incorporated city.
2. (2) Each pending suit involving the municipal corporation shall be under the management and control of the newly incorporated city which shall be substituted as a party in the suit.
3. (3) Each valid claim and demand existing against the municipal corporation shall be enforceable against the city.
4. (4) Each bond and floating indebtedness and the interest on a bond and floating indebtedness existing at the time a municipal corporation became incorporated as a city in accordance with this part must be paid by the newly incorporated city in a manner that taxes are uniform throughout the territorial limits of the whole city.

If a municipal corporation is incorporated as a city in accordance with this part, the following shall apply: