Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          02-204-13-49  01-3514U4                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  76%          51%                             
01-MEN-1-90.9/105.6                    Federal Project:                                 
                                     ACST-P001(462)                                     
                             P-P001(462)                                                
                                                                                        
Progress payment No. 07            Payment period ending: 07-19-02                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE, CA 950775085                                                               
                                                                                        
                                                                                        
Escrow No.  01801                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.       2,508,645.57      381,816.52                      
2.a. Extra Work                         261,388.23            0.00                      
  b. Adjustment Comp.                    -4,791.77       -4,791.77                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention        2,765,242.03      377,024.75                      
5. Mobilization                         375,000.00            0.00                      
6. Total Work Completed    3,140,242.03                                                 
7. Deductions                           -10,000.00       54,960.50                      
8. a.Contract Retentions               -138,262.10      -18,851.24                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor            2,991,979.93      413,134.01                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow       138,260.00                                                  
12. Net Pymt. this Estimate                             413,134.01