Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          05-203-13-51  11-199364                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                 100%          99%                             
11-IMP-111-13.0/22.1                    Federal Project:                                
                                     ACNH-P111(65)                                      
                                                                                        
                                                                                        
Progress payment No. 27            Payment period ending: 07-20-05                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  02117                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.      11,742,946.84        3,379.20                      
2.a. Extra Work                         652,436.33            0.00                      
  b. Adjustment Comp.                   223,414.54       -2,300.00                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention       12,618,797.71        1,079.20                      
5. Mobilization                         630,000.00            0.00                      
6. Total Work Completed   13,248,797.71                                                 
7. Deductions                           -12,203.61            0.00                      
8. a.Contract Retentions               -630,939.89          -53.96                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor           12,605,654.21        1,025.24                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow       630,880.00                                                  
12. Net Pymt. this Estimate                               1,025.24