Dept. of Trans.       SEMI-FINAL   Serial No.  Contract No.                             
                                          05-041-10-40  07-117104                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                 100%         100%                             
07-LA-14-44.0/R54.5                    Federal Project:                                 
                                     ACNH-P014(52)                                      
                                                                                        
                                                                                        
Progress payment No. 37            Payment period ending: 10-19-04                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  01540                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.      22,070,251.30            0.00                      
2.a. Extra Work                       1,443,959.48       26,720.17                      
  b. Adjustment Comp.                   373,248.40      -15,737.32                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention       23,887,459.18       10,982.85                      
5. Mobilization                       2,471,000.00            0.00                      
6. Total Work Completed   26,358,459.18                                                 
7. Deductions                           -21,682.24            0.00                      
8. a.Contract Retentions             -1,193,182.86            0.00                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.       1,193,182.86            0.00                      
9. Total pay to Contractor           26,336,776.94       10,982.85                      
10. Reduction Amt to Escrow          -1,192,980.00            0.00                      
11. Payment to Escrow     1,192,980.00                                                  
12. Net Pymt. this Estimate                              10,982.85