Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          01-205-07-50  02-364304                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  11%          16%                             
02-SIS-5-2.7/R11.4                    Federal Project:                                  
                                     ACIM-005-9(156)                                    
                             STP-P089(74)                                               
                                                                                        
Progress payment No. 07            Payment period ending: 07-20-01                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  01647                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.       1,264,947.41      633,068.55                      
2.a. Extra Work                         159,207.41            0.00                      
  b. Adjustment Comp.                    -5,000.00            0.00                      
3. Materials on Hand                          0.00      -80,833.68                      
4. Earned Subject to Retention        1,419,154.82      552,234.87                      
5. Mobilization                         940,044.00      940,044.00                      
6. Total Work Completed    2,359,198.82                                                 
7. Deductions                                                                           
8. a.Contract Retentions               -141,915.48      -55,223.48                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor            2,217,283.34    1,437,055.39                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow       141,910.00                                                  
12. Net Pymt. this Estimate                           1,437,055.39