Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          01-236-10-17  04-250404                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  77%          78%                             
04-SCL-101-31.2/33.5                    Federal Project:                                
                                     ACNH-P101(955)                                     
                                                                                        
                                                                                        
Progress payment No. 03            Payment period ending: 08-20-01                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  01741                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.       1,589,715.88      771,055.08                      
2.a. Extra Work                                                                         
  b. Adjustment Comp.                   -10,000.00      -10,000.00                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention        1,579,715.88      761,055.08                      
5. Mobilization                                                                         
6. Total Work Completed    1,579,715.88                                                 
7. Deductions                           -13,195.56      -12,632.40                      
8. a.Contract Retentions                -78,985.79      -38,052.75                      
   b. Unsatisfactory Prog.                    0.00       33,442.63                      
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor            1,487,534.53      743,812.56                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow        40,000.00                                                  
12. Net Pymt. this Estimate                             743,812.56