The board shall follow the procedure prescribed in rules and regulations adopted under the provisions of Kan. Stat. Ann. § 75-4232, in designating banks to receive deposit of state moneys in operating accounts and investment accounts. The board shall determine which banks shall receive state operating and investment accounts and shall designate the types of accounts to be awarded each such bank and the initial amount of each award. Such initial awards which are operating accounts shall be made as provided in Kan. Stat. Ann. § 75-4205, and amendments thereto. Such initial awards which are investment accounts shall be awarded as is provided in Kan. Stat. Ann. § 75-4209, and amendments thereto. Upon making the awards provided for above, the board shall notify each bank of its award, and that the same is subject to approval of securities to be pledged as prescribed in this act.