Republic Act No. 4850 creating the Laguna Lake Development Authority.

This Act provides for the establishment of the Laguna Lake Development Authority to rationalize the uncontrolled and underutilized resources of the Lake which was threatened by the spillover effects of urbanization, industrial pollution and a growing population.
The Act defines the internal organization of the Authority and specifies its powers and functions, which shall include: making a comprehensive survey of the physical and natural resources and potentialities of the region and of the Laguna Lake resources; providing the machinery for extending the necessary planning, management and technical assistance to prospective and existing investors in the region; engaging in agriculture, industry, commerce, or other activities within the region which may be necessary or directly contributory to the socio-economic development of the region; acquiring, buying, purchasing, holding or leasing such personal and real property as it deems necessary or convenient in the transaction of its business and/or in relation with the carrying out of its purposes; etc.
The Act further provides for the capitalization and financing of the Authority.