Dept. of Trans.       PROGRESS   Serial No.  Contract No.                               
                                          01-056-13-01  11-229404                       
                PROGRESS PAYMENT VOUCHER  %complete:   %time:                           
Location:                                  89%          75%                             
11-IMP-115-21.2/35.2                    Federal Project:                                
                                     STP-S115(8)                                        
                             AC-S115(8)                                                 
                                                                                        
Progress payment No. 03            Payment period ending: 02-20-01                      
GRANITE CONSTRUCTION COMPANY                                                            
P O BOX 50085                                                                           
WATSONVILLE CA 950775085                                                                
                                                                                        
                                                                                        
Escrow No.  01591                                                                       
                                    Total Estimate   This Estimate                      
1. Contract Itms Without Mobil.       2,255,388.43    1,663,914.72                      
2.a. Extra Work                          12,161.34        9,819.94                      
  b. Adjustment Comp.                    -9,520.14       -9,520.14                      
3. Materials on Hand                                                                    
4. Earned Subject to Retention        2,258,029.63    1,664,214.52                      
5. Mobilization                          10,000.00          500.00                      
6. Total Work Completed    2,268,029.63                                                 
7. Deductions                                                                           
8. a.Contract Retentions               -112,901.48      -61,845.08                      
   b. Unsatisfactory Prog.                                                              
   c. Reduction after 95% Comp.                                                         
9. Total pay to Contractor            2,155,128.15    1,602,869.44                      
10. Reduction Amt to Escrow                                                             
11. Payment to Escrow        50,000.00                                                  
12. Net Pymt. this Estimate                           1,602,869.44