(a) The commission, with the advice of the aviation advisory committee, through the preparation and adoption of an aviation facilities development program, shall provide for a statewide airport system to serve the state's air transportation needs for the least practicable cost.
(b) The program must identify:
(1) the requirements for aviation facilities;
(2) the location of aviation facilities;
(3) the timing of aviation facilities;
(4) eligibility for funding; and
(5) the investment necessary for the program.