Dept. of Trans.       AFTER ACCEPTANCE   Serial No.  Contract No.                       
                                          02-213-13-25  04-228264                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                 100%         100%                             
04-CC-4-R14.6/23.0                    Federal Project:                                  
                                     NONE                                               
                                                                                        
                                                                                        
Progress payment No. 37            Payment period ending: 07-15-02                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  01272                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.      13,358,159.32     -256,965.00                      
2.a. Extra Work                         867,578.72        2,086.46                      
  b. Adjustment Comp.                   885,682.55      -29,567.05                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention       15,111,420.59     -284,445.59                      
5. Mobilization                       1,627,000.00            0.00                      
6. Total Work Completed   16,738,420.59                                                 
7. Deductions                           -51,434.59      -48,000.00                      
8. a.Contract Retentions               -769,793.31            0.00                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.         769,793.31      769,793.31                      
9. Total pay to Contractor           16,686,986.00      437,347.72                      
10. Reduction Amt to Escrow            -769,770.00     -769,770.00                      
11. Payment to Escrow       769,770.00                                                  
12. Net Pymt. this Estimate                            -332,422.28