Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          03-202-09-41  02-364304                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  98%          80%                             
02-SIS-5-2.7/R11.4                    Federal Project:                                  
                                     ACIM-005-9(156)                                    
                             STP-P089(74)                                               
                                                                                        
Progress payment No. 37            Payment period ending: 07-18-03                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  01647                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.      17,302,021.50      127,470.03                      
2.a. Extra Work                       2,283,171.92       48,045.22                      
  b. Adjustment Comp.                   511,331.22      -34,181.80                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention       20,096,524.64      141,333.45                      
5. Mobilization                       1,880,088.00            0.00                      
6. Total Work Completed   21,976,612.64                                                 
7. Deductions                            -8,750.00       75,200.00                      
8. a.Contract Retentions             -1,004,826.23       -7,066.67                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor           20,963,036.41      209,466.78                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow     1,004,820.00                                                  
12. Net Pymt. this Estimate                             209,466.78