Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          01-206-15-00  05-348804                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  87%         100%                             
05-SB-154-17.9/21.4                    Federal Project:                                 
                                     ACST-P154(16)                                      
                             P-P154(16)                                                 
                                                                                        
Progress payment No. 12            Payment period ending: 07-20-01                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  01645                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.       3,291,309.99      496,350.77                      
2.a. Extra Work                          89,790.72            0.00                      
  b. Adjustment Comp.                    -6,338.14            0.00                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention        3,374,762.57      496,350.77                      
5. Mobilization                                                                         
6. Total Work Completed    3,374,762.57                                                 
7. Deductions                           -20,000.00            0.00                      
8. a.Contract Retentions               -168,738.13      -24,817.54                      
   b. Unsatisfactory Prog.              -57,141.99      -24,817.54                      
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor            3,128,882.45      446,715.69                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow       125,000.00                                                  
12. Net Pymt. this Estimate                             446,715.69