The City of Seattle is a corporation, a municipal corporation. How is this legal?

These are commonly found in 3rd world countries

How is this legit? Am I missing something here?

“ARTICLE I. General Rights and Liabilities


The municipal corporation, now existing and known as The City of Seattle, shall remain and continue a body politic and corporate in name and in fact, by the name “The City of Seattle,” and by that name shall have perpetual succession, may sue and defend in all matters and proceedings whatever, have and use a common seal, and alter the same at pleasure, and may purchase, receive, hold and enjoy real and personal property within and without its corporate limits, and may sell, convey, mortgage and dispose of the same for the common benefit, and may receive bequests, devices, gifts and donations of all kinds within and without the City for its own use and benefit, or in trust for charitable or other public purposes, and do all acts necessary to carry out the purposes of such gifts, bequests, devices and donations, with power to manage, sell, lease or otherwise dispose of the same. No gifts of munitions, military supplies, gas or police equipment shall be accepted by The City of Seattle without approval by ordinance. The public buildings, lands and property, all rights of property and rights of action, all moneys, revenues and income belonging or appertaining to The City of Seattle, are hereby declared to be vested in said City and it shall continue to have, hold and enjoy the same subject to all obligations, debts, liabilities, dues and duties, of the existing municipality. Suits, actions, and proceedings may be brought in the name of The City of Seattle for the recovery of any property, or for the enforcement of any rights of or contracts with said City, whether made or arising or accruing before or after the adoption of this Charter. All contracts legally entered into by The City of Seattle, by virtue of any existing law, shall remain valid and be binding to the extent only that they are now valid and binding upon The City of Seattle.”

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h/t Terentius Afer