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All acts done, proceedings had, and steps taken, in the advancement of the City from the second to the first class, are hereby ratified, confirmed and validated, and the City of Aberdeen hereby asserts and declares its corporate existence, under that name, as a City of the first class, and as such it shall have perpetual succession, may sue and be sued shall have and use a common seal, and may alter the same at pleasure, may purchase, receive, have, take, hold, lease, use and enjoy property and control and dispose of the same for the common benefit. It shall possess all of the powers, authority and privileges and shall assume all of the duties and obligations conferred and imposed upon cities of the first class under the Constitution and Statutes of the State of Washington as they now exist or may be hereafter amended or enacted.