The corporate name of the city shall be “The City of Travelers Rest” and by such name, the city shall own and convey real estate necessary for its corporate purposes, borrow money and execute notes, bonds and other evidences of debt therefor, sue and be sued, and perform generally such acts and duties as pertain to municipal corporations under the laws, general or special, of the state. The city shall have, and may exercise, any, all and every right, power or privilege conferred upon it, generally or specially, by the laws of the state. (Prior code § 1-1-3)