Document:

<PAGE>
                                                                  Exhibit 10.200

                                PROMISSORY NOTE

<Table>
<Caption>
_______________________________________________________________________________________________________

PRINCIPAL        LOAN DATE     MATURITY     LOAN NO.     CALL/COLL     ACCOUNT     OFFICER     INITIALS
<S>             <C>          <C>          <C>            <C>           <C>        <C>       <C>
$600,000.00     10-29-2002   10-29-2003       9001                     7326653       01447
_______________________________________________________________________________________________________

   References in the shaded area are for Lender's use only and do not limit the applicability of this
      document to any particular loan or item. Any item above containing "***" has been omitted
                                   due to text length limitations.
_______________________________________________________________________________________________________
</Table>

BORROWER: Ready Mix, Inc.                   Lender: Nevada State Bank
          3430 E. Flamingo Rd., Suite 100           Corporate Lending Department
          Las Vegas, NV 89121                       750 E. Warm Springs Road
                                                    Las Vegas, NV 89119
________________________________________________________________________________

PRINCIPAL AMOUNT: $600,000.00                     DATE OF NOTE: OCTOBER 29, 2002
                              INITIAL RATE: 7.750%

PROMISE TO PAY. READY MIX, INC. ("BORROWER") PROMISES TO PAY TO NEVADA STATE
BANK ("LENDER"), OR ORDER, IN LAWFUL MONEY OF THE UNITED STATES OF AMERICA, THE
PRINCIPAL AMOUNT OF SIX HUNDRED THOUSAND & 00/100 DOLLARS ($600,000.00),
TOGETHER WITH INTEREST ON THE UNPAID PRINCIPAL BALANCE FROM OCTOBER 29, 2002,
UNTIL PAID IN FULL. THE INTEREST RATE WILL NOT INCREASE ABOVE 25.000%.

PAYMENT. BORROWER WILL PAY THIS LOAN IN ONE PRINCIPAL PAYMENT OF $600,000.00
PLUS INTEREST ON OCTOBER 29, 2003. THIS PAYMENT DUE ON OCTOBER 29, 2003, WILL
BE FOR ALL PRINCIPAL AND ALL ACCRUED INTEREST NOT YET PAID. IN ADDITION,
BORROWER WILL PAY REGULAR MONTHLY PAYMENTS OF ALL ACCRUED UNPAID INTEREST DUE AS
OF EACH PAYMENT DATE, BEGINNING NOVEMBER 29, 2002, WITH ALL SUBSEQUENT INTEREST
PAYMENTS TO BE DUE ON THE SAME DAY OF EACH MONTH AFTER THAT. UNLESS OTHERWISE
AGREED OR REQUIRED BY APPLICABLE LAW, PAYMENTS WILL BE APPLIED FIRST TO ANY
UNPAID COLLECTION COSTS AND ANY LATE CHARGES, THEN TO ANY UNPAID INTEREST, AND
ANY REMAINING AMOUNT TO PRINCIPAL. THE ANNUAL INTEREST RATE FOR THIS NOTE IS
COMPUTED ON A 365/360 BASIS; THAT IS, BY APPLYING THE RATIO OF THE ANNUAL
INTEREST RATE OVER A YEAR OF 360 DAYS, MULTIPLIED BY THE OUTSTANDING PRINCIPAL
BALANCE, MULTIPLIED BY THE ACTUAL NUMBER OF DAYS THE PRINCIPAL BALANCE IS
OUTSTANDING. BORROWER WILL PAY LENDER AT LENDER'S ADDRESS SHOWN ABOVE OR AT
SUCH OTHER PLACE AS LENDER MAY DESIGNATE IN WRITING.

VARIABLE INTEREST RATE. The interest rate on this Note is subject to change from
time to time based on changes in an independent index which is the Nevada State
Bank's prime rate shall be deemed to mean an index which is determined daily by
Nevada State Bank on the basis of the published commercial loan variable rate
index held by two of the following banks: J. P. Morgan Chase & Co., Wells Fargo
Bank N.A. and Bank of America N.A. In the event no two of the above banks gave
the same published rate, the bank having the median rate will establish Nevada
State Bank's Prime rate. If, for any reason beyond the control of Nevada State
Bank, any of the aforementioned banks becomes unacceptable as a reference for
the purpose of determining the prime rate used herein, Nevada State Bank may,
five days after posting notice in the bank, substitute another comparable bank
for the one determined unacceptable. As used in this paragraph, "comparable
bank" shall mean one of the ten largest banks headquartered in the United States
of America. This definition of prime rate is to be strictly interpreted and is
not intended to serve any purpose other than providing an index to determine
the variable interest rate used in this agreement. The undersigned acknowledges
that prime rate is not the lowest rate at which Nevada State Bank has made or
may make loans to any of its customers, either past, present or future.
Additionally, Nevada State Bank does not imply nor can any conclusions be drawn
that the published rate of any of the aforementioned banks is the lowest rate
at which those banks will loan money to any customers, either now or in the
future. Whenever there is a default by Borrower under this Note, the interest
rate on the unpaid balance shall, at the option of the Bank, be at the Default
Rate set forth below. (the "Index"). The Index is not necessarily the lowest
rate charged by Lender on its loans. If the Index becomes unavailable during
the term of this loan, Lender may designate a substitute index after notice to
Borrower. Lender will tell Borrower the current Index rate upon Borrower's
request. The interest rate change will not occur more often than each Day.
Borrower understands that Lender may make loans based on other rates as well.
THE INDEX CURRENTLY IS 4.750% PER ANNUM. THE INTEREST RATE TO BE APPLIED TO THE
UNPAID PRINCIPAL BALANCE OF THIS NOTE WILL BE AT A RATE OF 3.000 PERCENTAGE
POINTS OVER THE INDEX, RESULTING IN AN INITIAL RATE OF 7.750% PER ANNUM.
NOTWITHSTANDING THE FOREGOING, THE VARIABLE INTEREST RATE OR RATES PROVIDED FOR
IN THIS NOTE WILL BE SUBJECT TO THE FOLLOWING MAXIMUM RATE. NOTICE: Under no
circumstances will the interest rate on this Note be more than (except for any
higher default rate shown below) the lesser of 25.000% per annum or the
maximum rate allowed by applicable law.

PREPAYMENT; MINIMUM INTEREST CHARGE. Borrower agrees that all loan fees and
other prepaid finance charges are earned fully as of the date of the loan and
will not be subject to refund upon early payment (whether voluntary or as a
result of default), except as otherwise required by law. In any event, even
upon full prepayment of this Note, Borrower understands that Lender is entitled
to a MINIMUM INTEREST CHARGE OF $50.00. Other than Borrower's obligation to pay
any minimum interest charge, Borrower may pay all or a portion of the amount
owed earlier than it is due. Early payments will not, unless agreed to by
Lender in writing, relieve Borrower of Borrower's obligation to continue to
make payments under the payment schedule. Rather, early payments will reduce
the principal balance due. Borrower agrees not to send Lender payments marked
"paid in full", "without recourse", or similar language. If Borrower sends
such a payment, Lender may accept it without losing any of Lender's rights
under this Note, and Borrower will remain obligated to pay any further amount
owed to Lender. All written communications concerning disputed amounts,
including any check or other payment instrument that indicates that the payment
constitutes "payment in full" of the amount owed or that is tendered with other
conditions or limitations or as full satisfaction of a disputed amount must be
mailed or delivered to: Nevada State Bank, Commercial Loan Servicing Department
3800-VS1, P. O. Box 990 Las Vegas, NV 89125.

LATE CHARGE. If a payment is 10 days or more late, Borrower will be charged
5.000% OF THE REGULARLY SCHEDULED PAYMENT OR $25.00, WHICHEVER IS GREATER.

INTEREST AFTER DEFAULT. Upon default, including failure to pay upon final
maturity, Lender, at its option, may, if permitted under applicable law,
increase the variable interest rate on this Note to 6.000 percentage points
over the Index. The interest rate will not exceed the maximum rate permitted by
applicable law.

DEFAULT. Each of the following shall constitute an event of default ("Event of
Default") under this Note:

     PAYMENT DEFAULT. Borrower fails to make any payment when due under this
     Note.

     OTHER DEFAULTS. Borrower fails to comply with or to perform any other term,
     obligation, covenant or condition contained in this Note or in any of the
     related documents or to comply with or to perform any term, obligation,
     covenant or condition contained in any other agreement between Lender and
     Borrower.

     DEFAULT IN FAVOR OF THIRD PARTIES. Borrower or any Grantor defaults under
     any loan, extension of credit, security agreement, purchase or sales
     agreement, or any other agreement, in favor of any other creditor or person
     that may materially affect any of Borrower's property or Borrower's ability
     to repay this Note or perform Borrower's obligations under this Note or any
     of the related documents.

     FALSE STATEMENTS. Any warranty, representation or statement made or
     furnished to Lender by Borrower or on Borrower's behalf under this Note or
     the related documents is false or misleading in any material respect,
     either now or at the time made or furnished or becomes false or misleading
     at any time thereafter.

     INSOLVENCY. The dissolution or termination of Borrower's existence as a
     going business, the insolvency of Borrower, the appointment of a receiver
     for any part of Borrower's property, any assignment for the benefit of
     creditors, any type of creditor workout, or the commencement of any
     proceeding under any bankruptcy or insolvency laws by or against Borrower.

     CREDITOR OR FORFEITURE PROCEEDINGS. Commencement of foreclosure or
     forfeiture proceedings, whether by judicial proceeding, self-help,
     repossession or any other method, by any creditor of Borrower or by any
     governmental agency against any collateral securing the loan. This includes
     a garnishment of any of Borrower's accounts, including deposit accounts,
     with Lender. However, this Event of Default shall not apply if there is a
     good faith dispute by Borrower as to the validity or reasonableness of the
     claim which is the basis of the creditor or forfeiture proceeding and if
     Borrower gives Lender written notice of the creditor or forfeiture
     proceeding and deposits with Lender monies or a surety bond for the
     creditor or forfeiture proceeding, in an amount determined by Lender, in
     its sole discretion, as being an adequate reserve or bond for the dispute.

     EVENTS AFFECTING GUARANTOR. Any of the preceding events occurs with respect
     to any Guarantor of any of the indebtedness or any Guarantor dies or
     becomes incompetent, or revokes or disputes the validity of, or liability
     under, any guaranty of the indebtedness evidenced by this Note. In the
     event of a death, Lender, at its option, may, but shall not be required to,
     permit the Guarantor's estate to assume unconditionally the obligations
     arising under the guaranty in a manner satisfactory to Lender, and, in
     doing so, cure any Event of Default.

     CHANGE IN OWNERSHIP. Any change in ownership of twenty-five percent (25%)
     or more of the common stock of Borrower.

     ADVERSE CHANGE. A material adverse change occurs in Borrower's financial
     condition, or Lender believes the prospect of payment or performance of
     this Note is impaired.

     CURE PROVISIONS. If any default, other than a default in payment is curable
     and if Borrower has not been given a notice of a breach of the same
     provision of this Note within the preceding twelve (12) months, it may be
     cured (and no event of default will have occurred) if Borrower, after
     receiving written notice from Lender demanding cure of such default: (1)
     cures the default within ten (10) days; or (2) if the cure requires more
     than ten (10) days, immediately initiates steps which Lender deems in
     Lender's sole discretion to be sufficient to cure the default and
     thereafter continues and completes all reasonable and necessary steps
     sufficient to produce compliance as soon as

<PAGE>
                                PROMISSORY NOTE
LOAN NO: 9001                     (CONTINUED)                             PAGE 2
================================================================================

          reasonably practical.

     LENDER'S RIGHTS. Upon default, Lender may declare the entire unpaid
     principal balance on this Note and all accrued unpaid interest immediately
     due, and then Borrower will pay that amount.

     ATTORNEYS' FEES; EXPENSES. Lender may hire or pay someone else to help
     collect this Note if Borrower does not pay. Borrower will pay Lender that
     amount. This includes, subject to any limits under applicable law, Lender's
     attorneys' fees and Lender's legal expenses, whether or not there is a
     lawsuit, including attorneys' fees, expenses for bankruptcy proceedings
     (including efforts to modify or vacate any automatic stay or injunction),
     and appeals. If not prohibited by applicable law, Borrower also will pay
     any court costs, in addition to all other sums provided by law.

     GOVERNING LAW. THIS NOTE WILL BE GOVERNED BY, CONSTRUED AND ENFORCED IN
     ACCORDANCE WITH FEDERAL LAW AND THE LAWS OF THE STATE OF NEVADA. THIS NOTE
     HAS BEEN ACCEPTED BY LENDER IN THE STATE OF NEVADA.

     CHOICE OF VENUE. If there is a lawsuit, Borrower agrees upon Lender's
     request to submit to the jurisdiction of the courts of Clark County, State
     of Nevada. (Initial Here          )

     DISHONORED ITEM FEE. Borrower will pay a fee to Lender of $20.00 if
     Borrower makes a payment on Borrower's loan and the check or preauthorized
     charge with which Borrower pays is later dishonored.

     RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves
     a right of setoff in all Borrower's accounts with Lender (whether checking,
     savings, or some other account). This includes all accounts Borrower holds
     jointly with someone else and all accounts Borrower may open in the future.
     However, this does not include any IRA or Keogh accounts, or any trust
     accounts for which setoff would be prohibited by law. Borrower authorizes
     Lender, to the extent permitted by applicable law, to charge or setoff all
     sums owing on the indebtedness against any and all such accounts, and, at
     Lender's option, to administratively freeze all such accounts to allow
     Lender to protect Lender's charge and setoff rights provided in this
     paragraph.

     COLLATERAL. Borrower acknowledges this Note is secured by a Deed of Trust
     of even date.

     ARBITRATION DISCLOSURES.

          1. ARBITRATION IS FINAL AND BINDING ON THE PARTIES AND SUBJECT TO ONLY
             VERY LIMITED REVIEW BY A COURT.
          2. IN ARBITRATION THE PARTIES ARE WAIVING THEIR RIGHT TO LITIGATE IN
             COURT, INCLUDING THEIR RIGHT TO A JURY TRIAL.
          3. DISCOVERY IN ARBITRATION IS MORE LIMITED THAN DISCOVERY IN COURT.
          4. ARBITRATORS ARE NOT REQUIRED TO INCLUDE FACTUAL FINDINGS OR LEGAL
             REASONING IN THEIR AWARDS. THE RIGHT TO APPEAL OR SEEK MODIFICATION
             OF ARBITRATORS' RULINGS IS VERY LIMITED.
          5. A PANEL OF ARBITRATORS MIGHT INCLUDE AN ARBITRATOR WHO IS OR WAS
             AFFILIATED WITH THE BANKING INDUSTRY.
          6. ARBITRATION WILL APPLY TO ALL DISPUTES BETWEEN THE PARTIES, NOT
             JUST THOSE CONCERNING THE AGREEMENT.
          7. IF YOU HAVE QUESTIONS ABOUT ARBITRATION, CONSULT YOUR ATTORNEY OR
             THE AMERICAN ARBITRATION ASSOCIATION.
             (a) Any claim or controversy ("Dispute") between or among the
             parties and their employees, agents, affiliates, and assigns,
             including but not limited to, Disputes arising out of or relating
             to this agreement, this arbitration provision ("arbitration
             clause"), or any related agreements or instruments relating hereto
             or delivered in connection herewith ("Related Agreements"), and
             including, but not limited to, a Dispute based on or arising from
             an alleged tort, shall at the request of any party be resolved by
             binding arbitration in accordance with the applicable arbitration
             rules of the American Arbitration Association (the
             "Administrator"). The provisions of this arbitration clause shall
             survive any termination, amendment, or expiration of this agreement
             or Related Agreements. The provisions of this arbitration clause
             shall supersede any prior arbitration agreement between or among
             the parties.

             (b) The arbitration proceedings shall be conducted in a city
             mutually agreed by the parties. Absent such an agreement,
             arbitration will be conducted in Las Vegas, Nevada or such other
             place as may be determined by the Administrator. The Administrator
             and the arbitrator(s) shall have the authority to the extent
             practicable to take any action to require the arbitration
             proceeding to be completed and the arbitrator(s)' award issued
             within 150 days of the filing of the Dispute with the
             Administrator. The arbitrator(s) shall have the authority to impose
             sanctions on any party that fails to comply with time periods
             imposed by the Administrator or the arbitrator(s), including the
             sanction of summarily dismissing any Dispute or defense with
             prejudice. The arbitrator(s) shall have the authority to resolve
             any Dispute regarding the terms of this agreement, this arbitration
             clause, or Related Agreements, including any claim or controversy
             regarding the arbitrability of any Dispute. All limitations periods
             applicable to any Dispute or defense, whether by statute or
             agreement, shall apply to any arbitration proceeding hereunder and
             the arbitrator(s) shall have the authority to decide whether any
             Dispute or defense is barred by a limitations period and, if so, to
             summarily enter an award dismissing any Dispute or defense on that
             basis. The doctrines of compulsory counterclaim, res judicata, and
             collateral estoppel shall apply to any arbitration proceeding
             hereunder so that a party must state as a counterclaim in the
             arbitration proceeding any claim or controversy which arises out of
             the transaction or occurrence that is the subject matter of the
             Dispute. The arbitrator(s) may in the arbitrator(s)' discretion and
             at the request of any party: (1) consolidate in a single
             arbitration proceeding any other claim arising out of the same
             transaction involving another party to that transaction that is
             bound by an arbitration clause with Lender, such as borrowers,
             guarantors, sureties, and owners of collateral; and (2) consolidate
             or administer multiple arbitration claims or controversies as a
             class action in accordance with Rule 23 of the Federal Rules of
             Civil Procedure.

             (c) The arbitrator(s) shall be selected in accordance with the
             rules of the Administrator from panels maintained by the
             Administrator. A single arbitrator shall have expertise in the
             subject matter of the Dispute. Where three arbitrators conduct an
             arbitration proceeding, the Dispute shall be decided by a majority
             vote of the three arbitrators, at least one of whom must have
             expertise in the subject matter of the Dispute and at least one of
             whom must be a practicing attorney. The arbitrator(s) shall award
             to the prevailing party recovery of all costs and fees (including
             attorneys' fees and costs, arbitration administration fees and
             costs, and arbitrator(s)' fees.) The arbitrator(s), either during
             the pendency of the arbitration proceeding or as part of the
             arbitration award, also may grant provisional or ancillary remedies
             including but not limited to an award of injunctive relief,
             foreclosure, sequestration, attachment, replevin, garnishment, or
             the appointment of a receiver.

             (d) Judgement upon an arbitration award may be entered in any court
             having jurisdiction, subject to the following limitation: the
             arbitration award is binding upon the parties only if the amount
             does not exceed Four Million Dollars ($4,000,000.00); if the award
             exceeds that limit, either party may demand the right to a court
             trial. Such a demand must be filed with the Administrator within
             thirty (30) days following the date of the arbitration award; if
             such a demand is not made with that time period, the amount of the
             arbitration award shall be binding. The computation of the total
             amount of an arbitration award shall include amounts awarded for
             attorneys' fees and costs, arbitration administration fees and
             costs, and arbitrator(s)' fees.

             (e) No provision of this arbitration clause, nor the exercise of
             any rights hereunder, shall limit the right of any party to: (1)
             judicially or non-judicially foreclose against any real or personal
             property collateral or other security; (2) exercise self-help
             remedies, including but not limited to repossession and setoff
             rights; or (3) obtain from a court having jurisdiction thereover
             any provisional or ancillary remedies including but not limited to
             injunctive relief, foreclosure, sequestration, attachment,
             replevin, garnishment, or the appointment of a receiver. Such
             rights can be exercised at any time, before or after initiation of
             an arbitration proceeding, except to the extent such action is
             contrary to the arbitration award. The exercise of such rights
             shall not constitute a waiver of the right to submit any Dispute to
             arbitration, and any claim or controversy related to the exercise
             of such rights shall be a Dispute to be resolved under the
             provisions of this arbitration clause. Any party may initiate
             arbitration with the Administrator. If any party desires to
             arbitrate a Dispute asserted against such party in a complaint,
             counterclaim, cross-claim, or third-party complaint thereto, or in
             an answer or other reply to any such pleading, such party must make
             an appropriate motion of the trial court seeking to compel
             arbitration, which motion must be filed with the court within 45
             days of service of the pleading, or amendment thereto, setting
             forth such Dispute. If arbitration is compelled after commencement
             of litigation of a Dispute, the party obtaining an order compelling
             arbitration shall commence arbitration and pay the Administrator's
             filing fees and costs within 45 days of entry of such order.
             Failure to do so shall constitute an agreement to proceed with
             litigation and waiver of the right to arbitrate. In any arbitration
             commenced by a consumer regarding a consumer Dispute, Lender shall
             pay one half of the Administrator's filing fee, up to $250.

             (f) Notwithstanding the applicability of any other law to this
             agreement, the arbitration clause, or Related Agreements between or
             among the parties, the Federal Arbitration Act, 9 U.S.C. Section 1
             et seq., shall apply to the construction and interpretation of this
             arbitration clause. If any provision of this arbitration clause
             should be determined to be unenforceable, all other provisions of
             this arbitration clause shall remain in full force and effect.

          SUCCESSOR INTERESTS. The terms of this Note shall be binding upon
          Borrower, and upon Borrower's heirs, personal representatives,
          successors and assigns, and shall inure to the benefit of Lender and
          its successors and assigns.

          NOTIFY US OF INACCURATE INFORMATION WE REPORT TO CONSUMER REPORTING
          AGENCIES. Please notify us if we report any inaccurate information
          about your account(s) to a consumer reporting agency. Your written
          notice describing the specific inaccuracy(ies) should be sent to us at
          the following address: Nevada State Bank, Corporate Lending
          Department, 750 E. Warm Springs Road, Las Vegas, NV 89119

          GENERAL PROVISIONS. Lender may delay or forgo enforcing any of its
          rights or remedies under this Note without losing them. Borrower and
          any other person who signs, guarantees or endorses this Note, to the
          extent allowed by law, waive presentment, demand for payment, and
          notice of dishonor. Upon any change in the terms of this Note, and
          unless otherwise expressly stated in writing, no party who signs this
          Note.

<PAGE>
                                PROMISSORY NOTE
LOAN NO: 9001                     (CONTINUED)                             PAGE 2
================================================================================

     reasonably practical.

LENDER'S RIGHTS. Upon default, Lender may declare the entire unpaid principal
balance on this Note and all accrued unpaid interest immediately due, and then
Borrower will pay that amount.

ATTORNEY'S FEES; EXPENSES. Lender may hire or pay someone else to help collect
this Note if Borrower does not pay. Borrower will pay Lender that amount. This
includes, subject to any limits under applicable law, Lender's attorneys' fees
and Lender's legal expenses, whether or not there is a lawsuit, including
attorneys' fees, expenses for bankruptcy proceedings (including efforts to
modify or vacate any automatic stay or injunction), and appeals. If not
prohibited by applicable law, Borrower also will pay any court costs, in
addition to all other sums provided by law.

GOVERNING LAW. THIS NOTE WILL BE GOVERNED BY, CONSTRUED AND ENFORCED IN
ACCORDANCE WITH FEDERAL LAW AND THE LAWS OF THE STATE OF NEVADA. THIS NOTE HAS
BEEN ACCEPTED BY LENDER IN THE STATE OF NEVADA.

CHOICE OF VENUE. If there is a lawsuit, Borrower agrees upon Lender's request to
submit to the jurisdiction of the courts of Clark County, State of Nevada.
(Initial Here            )

DISHONORED ITEM FEE. Borrower will pay a fee to Lender of $20.00 if Borrower
makes a payment on Borrower's loan and the check or preauthorized charge with
which Borrower pays is later dishonored.

RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a
right of setoff in all Borrower's accounts with Lender (whether checking,
savings, or some other account). This includes all accounts Borrower holds
jointly with someone else and all accounts Borrower may open in the future.
However, this does not include any IRA or Keogh accounts, or any trust accounts
for which setoff would be prohibited by law. Borrower authorizes Lender, to the
extent permitted by applicable law to charge or setoff all sums owing on the
indebtedness against any and all such accounts, and, at Lender's option, to
administratively freeze all such accounts to allow Lender to protect Lender's
charge and setoff rights provided in this paragraph.

COLLATERAL. Borrower acknowledges this Note is secured by a Deed of Trust of
even date.

ARBITRATION DISCLOSURES.

     1.  ARBITRATION IS FINAL AND BINDING ON THE PARTIES AND SUBJECT TO ONLY
         VERY LIMITED REVIEW BY A COURT.
     2.  IN ARBITRATION THE PARTIES ARE WAIVING THEIR RIGHT TO LITIGATE IN
         COURT, INCLUDING THEIR RIGHT TO A JURY TRIAL.
     3.  DISCOVERY IN ARBITRATION IS MORE LIMITED THAN DISCOVERY IN COURT.
     4.  ARBITRATORS ARE NOT REQUIRED TO INCLUDE FACTUAL FINDINGS OR LEGAL
         REASONING IN THEIR AWARDS. THE RIGHT TO APPEAL OR SEEK MODIFICATION
         OF ARBITRATORS' RULINGS IS VERY LIMITED.
     5.  A PANEL OF ARBITRATORS MIGHT INCLUDE AN ARBITRATOR WHO IS OR WAS
         AFFILIATED WITH THE BANKING INDUSTRY.
     6.  ARBITRATION WILL APPLY TO ALL DISPUTES BETWEEN THE PARTIES, NOT JUST
         THOSE CONCERNING THE AGREEMENT.
     7.  IF YOU HAVE QUESTIONS ABOUT ARBITRATION, CONSULT YOUR ATTORNEY OR THE
         AMERICAN ARBITRATION ASSOCIATION.
     (a) Any claim or controversy ("Dispute") between or among the parties and
     their employees, agents, affiliates, and assigns, including, but not
     limited to, Disputes arising out of or relating to this agreement, this
     arbitration provision ("arbitration clause"), or any related agreements or
     instruments relating hereto or delivered in connection herewith ("Related
     Agreements"), and including, but not limited to, a Dispute based on or
     arising from an alleged tort, shall at the request of any party be
     resolved by binding arbitration in accordance with the applicable
     arbitration rules of the American Arbitration Association (the
     "Administrator"). The provisions of this arbitration clause shall survive
     any termination, amendment, or expiration of this agreement or Related
     Agreements. The provisions of this arbitration clause shall supercede any
     prior arbitration agreement between or among the parties.

     (b) The arbitration proceedings shall be conducted in a city mutually
     agreed by the parties. Absent such an agreement, arbitration will be
     conducted in Las Vegas, Nevada or such other place as may be determined by
     the Administrator. The Administrator and the arbitrator(s) shall have the
     authority to the extent practicable to take any action to require the
     arbitration proceedings to be completed and the arbitrator(s)' award
     issued within 150 days of the filing of the Dispute with the Administrator.
     The arbitrator(s) shall have the authority to impose sanctions on any
     party that fails to comply with time periods imposed by the Administrator
     or the arbitrator(s), including the sanction of summarily dismissing any
     Dispute or defense with prejudice. The arbitrator(s) shall have the
     authority to resolve any Dispute regarding the terms of this agreement,
     this arbitration clause, or Related Agreements, including any claim or
     controversy regarding the arbitrability of any Dispute. All limitations
     periods applicable to any Dispute or defense, whether by statute or
     agreement, shall apply to any arbitration proceeding hereunder and the
     arbitrator(s) shall have the authority to decide whether any Dispute or
     defense is barred by a limitations period and, if so, to summarily enter
     an award dismissing any Dispute or defense on that basis. The doctrines of
     compulsory counterclaim, res judicata, and collateral estoppel shall apply
     to any arbitration proceeding hereunder so that a party must state as a
     counterclaim in the arbitration proceeding any claim or controversy which
     arises out of the transaction or occurrence that is the subject matter of
     the Dispute. The arbitrator(s) may in the arbitrator(s)' discretion and at
     the request of any party: (1) consolidate in a single arbitration
     proceeding any other claim arising out of the same transaction involving
     another party to that transaction that is bound by an arbitration clause
     with Lender, such as borrowers, guarantors, sureties, and owners of
     collateral; and (2) consolidate or administer multiple arbitration claims
     or controversies as a class action in accordance with Rule 23 of the
     Federal Rule of Civil Procedure.

     (c) The arbitrator(s) shall be selected in accordance with the rules of
     the Administrator from panels maintained by the Administrator. A single
     arbitrator shall have expertise in the subject matter of the Dispute.
     Where three arbitrators conduct an arbitration proceeding, the Dispute
     shall be decided by a majority vote of the three arbitrators, at least one
     of whom must have expertise in the subject matter of the Dispute and at
     least one of whom must be a practicing attorney. The arbitrator(s) shall
     award to the prevailing party recovery of all costs and fees (including
     attorney's fees and costs, arbitration administration fees and costs, and
     arbitrator(s)' fees). The arbitrator(s), either during the pendency of the
     arbitration proceeding or as part of the arbitration award, also may
     grant provisional or ancillary remedies including but not limited to an
     award of injunctive relief, foreclosure, sequestration, attachment,
     replevin, garnishment, or the appointment of a receiver.

     (d) Judgement upon an arbitration award may be entered in any court having
     jurisdiction, subject to the following limitation: the arbitration award
     is binding upon the parties only if the amount does not exceed Four
     Million Dollars ($4,000,000.00); if the award exceeds that limit, either
     party may demand the right to a court trial. Such a demand must be filed
     with the Administrator within thirty (30) days following the date of the
     arbitration award; if such a demand is not made with that time period, the
     amount of the arbitration award shall be binding. The computation of the
     total amount of the arbitration award shall include amounts awarded for
     attorney's fees and costs, arbitration administration fees and costs, and
     arbitrator(s)' fees.

     (e) No provision of this arbitration clause, nor the exercise of any
     rights hereunder, shall limit the right of any party to: (1) judicially or
     non-judicially foreclose against any real or personal property collateral
     or other security; (2) exercise self-help remedies, including but not
     limited to repossession and setoff rights; or (3) obtain from a court
     having jurisdiction thereover any provisional or ancillary remedies
     including but not limited to injunctive relief, foreclosure, sequestration,
     attachment, replevin, garnishment, or the appointment of a receiver. Such
     rights can be exercised at any time, before or after initiation of an
     arbitration proceeding, except to the extent such action is contrary to
     the arbitration award. The exercise of such rights shall not constitute a
     waiver of the right to submit any Dispute to arbitration, and any claim or
     controversy  related to the exercise of such rights shall be a Dispute to
     be resolved under the provisions of this arbitration clause. Any party may
     initiate arbitration with the Administrator. If any party desires to
     arbitrate a Dispute asserted against such party in a complaint,
     counterclaim, cross-claim, or third-party complaint thereto, or in an
     answer or other reply to any such pleading, such party must make an
     appropriate motion to the trial court seeking to compel arbitration, which
     motion must be filed with the court within 45 days of service of the
     pleading, or amendment thereto, setting forth such Dispute. If arbitration
     is compelled after commencement of litigation of a Dispute, the party
     obtaining an order compelling arbitration shall commence arbitration and
     pay the Administrator's filing fees and costs within 45 days of entry of
     such order. Failure to do so shall constitute an agreement to proceed with
     litigation and waiver of the right to arbitrate. In any arbitration
     commenced by a consumer regarding a consumer Dispute, Lender shall pay one
     half of the Administrator's filing fee, up to $250.

     (f) Notwithstanding the applicability of any other law to this agreement,
     the arbitration clause, or Related Agreements between or among the
     parties, the Federal Arbitration Act, 9 U.S.C. Section 1 et seq., shall
     apply to the construction and interpretation of this arbitration clause.
     If any provision of this arbitration clause should be determined to be
     unenforceable, all other provisions of this arbitration clause shall
     remain in full force and effect.

SUCCESSOR INTERESTS. The terms of this Note shall be binding upon Borrower, and
upon Borrower's heirs, personal representatives, successors and assigns, and
shall inure to the benefit of Lender and its successors and assigns.

NOTIFY US OF INACCURATE INFORMATION WE REPORT TO CONSUMER REPORTING AGENCIES.
Please notify us if we report any inaccurate information about your account(s)
to a consumer reporting agency. Your written notice describing the specific
inaccuracy(ies) should be sent to us at the following address: Nevada State
Bank, Corporate Lending Department, 750 E. Warm Springs Road, Las Vegas, NV
89119

GENERAL PROVISIONS. Lender may delay or forgo enforcing any of its rights or
remedies under this Note without losing them. Borrower and any other person who
signs, guarantees or endorses this Note, to the extent allowed by law, waive
presentment, demand for payment, and notice of dishonor. Upon any change in the
terms of this Note, and unless otherwise expressly stated in writing, no party
who signs this Note.
<PAGE>
                                PROMISSORY NOTE
LOAN NO: 9001                     (CONTINUED)                          PAGE 3
===============================================================================

whether as maker, guarantor, accommodation maker or endorser, shall be released
from liability. All such parties agree that Lender may renew or extend
(repeatedly and for any length of time) this loan or release any party or
guarantor or collateral; or impair, fail to realize upon or perfect Lender's
security interest in the collateral; and take any other action deemed necessary
by Lender without the consent of or notice to anyone. All such parties also
agree that Lender may modify this loan without the consent of or notice to
anyone other than the party with whom the modification is made. The obligations
under this Note are joint and several.

PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF
THIS NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS. BORROWER AGREES TO
THE TERMS OF THE NOTE.

BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE.

BORROWER:

READY MIX, INC.

BY:_____________________________________________
   ROBERT MORRIS, PRESIDENT OF READY MIX, INC.

===============================================================================<PAGE>

                                                                Exhibit - 10.201

                              EMPLOYMENT AGREEMENT

      THIS EMPLOYMENT AGREEMENT is entered into as of the 15th day of August
2002, by and between Meadow Valley Corporation, a Nevada corporation (the
"Employer" or "Company"), and Nicole R. Smith (the "Employee").

      The Employer hereby employs the Employee on a full-time basis, and the
Employee hereby accepts such full-time employment on the terms and conditions
hereinafter set forth.

      1. EMPLOYMENT. Employee is employed as the Controller for the Employer.
Employee shall perform all duties as outlined herein and as may be assigned by
the Employer and shall devote full time, attention and loyalty to the affairs of
the Employer. The duties of the Employee shall specifically be:

            A) To be responsible to the Principal Accounting Officer for all
      delegated accounting, cash flow, and financial reporting functions of the
      Company.

            B) To assist in preparing annual operating plans, capital
      improvement programs, budgets and annual updates to strategic plans.

            C) To manage and supervise the staff and supervise all
      clerical-related functions.

            D) To manage accounts with all banking and other financial
      institutions.

            E) To represent, along with the Principal Accounting Officer, the
      Employer in all matters pertaining to the financial or operational audits.

            F) To serve as a source of analysis for management and the Board of
      Directors.

            G) To assist in all administrative functions, as required by the
      Principal Accounting Officer or the Chief Administrative Officer, in the
      areas of insurance, bonding, legal, etc.

            H) To perform or cause to be performed any other reasonable duties
      specifically assigned by the CEO, Principal Accounting Officer or Chief
      Administrative Officer and consistent with customary professionalism.

            I) To provide input and counsel to strategic and business plans for
      the entire Company.

            K) To assist management in seeing that all Company policies are
      enforced and adhered to.

      2. TERM. Subject to the provisions of termination provided in paragraph
11, the initial term of this Agreement shall commence on August 15, 2002 and
terminate on August 15, 2005. This Agreement may be extended by the mutual
written agreement of the Employee and the Employer.

      3. COMPENSATION. Employee shall receive a base salary of eighty thousand
dollars ($80,000.00) per year, payable in accordance with the regular payroll
practices of Employer, and subject to applicable deductions of withholding taxes
and
<PAGE>
other customary employment taxes. The Chief Executive Officer shall review
Employee's salary at a minimum annually and may adjust Employee's salary upward
to recognize improvement, achievement or expansion of Employee's
responsibilities subject to approval of the Board Compensation Committee.

      Employee shall participate in cash incentive plans as currently existing
or as amended or adopted in the future by the Compensation Committee of
Employer's Board of Directors. Cash bonus plans are subject to annual review
and/or change as recommended by the Compensation Committee and approved by the
Board of Directors.

      4. OPTIONS TO ACQUIRE COMMON STOCK. Employee is eligible to participate in
the Meadow Valley Corporation 1994 Stock Option Plan. Future grants of stock
options shall be subject to the discretion of Meadow Valley Corporation's board
of directors.

      5. EMPLOYEE BENEFITS. Employer shall provide to Employee, and, at the
election of the Employee, to the Employee's dependents, a comprehensive major
medical, health, and dental insurance program comparable to the programs
normally provided by other employers in the same industry and marketplace, and
the Employer shall pay the cost of the Employee's portion of the premium.
Insurance coverage may be subject to pre-existing condition limitations. Should,
at any time, the Employee opt to maintain a personal major medical and health
insurance policy for himself and for his dependents and not participate in the
Employer's group plan, then Employer shall reimburse Employee the lesser of the
amount Employee pays for said personal policy, as evidenced by adequate
documentation, or what Employer would otherwise be paying were Employee
participating in the Employer's group plan. Should the Employee opt to maintain
his own coverage, neither he nor his dependents shall be precluded from later
participating in the Employer's group plan so long as they otherwise qualify for
enrollment.

      At Employer's cost and subject to verification of insurability, Employer
will maintain a life insurance policy covering Employee, with at least $250,000
of death benefits being payable, in a manner that is free of income tax, to
Employee's estate or other beneficiaries designated by Employee.

      Employer agrees to provide Employee with an automobile for
business-related use. In addition to the cost of the vehicle itself, Employer
shall pay, directly or by reimbursement to Employee, for all maintenance, fuel,
repairs, insurance, operating and other costs incidental thereto.

      Employer shall pay for, or reimburse Employee for, dues for his membership
in industry related associations perceived as beneficial to Employer and as
approved by the Chief Executive Officer or the Chief Operating Officer.

      So long as it is within the guidelines of the respective plan, Employee
shall be given the opportunity to participate in Employer's 401(k).

      6. MOVING EXPENSES AND SUBSISTENCE. In the event the Employee is required
to relocate during the term of this Agreement, Employer shall pay for all moving
costs of reasonable and normal household effects, including up to six

                                       2
<PAGE>
months storage of such household effects, while Employee and his/her spouse
obtain a permanent residence. Employee shall obtain two moving and storage
quotes from reputable movers and Employer shall pay the most competitive rate.

      Employer shall provide Employee a subsistence allowance of One Thousand
Dollars ($1,000.00) per month for the lesser of three months from the date of
the new geographical assignment or until such time as the relocation of the
Employee and his/her spouse is complete.

      7. HOLIDAYS AND VACATION.

            A) Employee shall be paid for the following seven (7) holidays: New
      Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day
      and the day after Thanksgiving, and Christmas Day and all other holidays
      for Employees of the Company as approved by the Chief Executive Officer or
      Board of Directors.

            B) Employee is entitled to three weeks vacation each year. Unused
      vacation in any given year shall accrue to following years up to a maximum
      of eight weeks in any one year. All other conditions with respect to
      vacations shall be consistent with the Company's vacation and holiday
      policy.

      8. RESPONSIBILITIES OF EMPLOYEE. The Employee shall devote such reasonable
time as is necessary or is deemed reasonably necessary by the Employer to carry
out all required duties and will devote full time to the Employer during normal
business hours. The Employee shall at all times faithfully, with diligence and
to the Employee's best good faith ability, experience and talents, perform all
the duties that may be required pursuant to the express terms hereof to the
reasonable satisfaction of the Employer, in accordance with customary
professional standards.

      9. WORKING FACILITIES. The Employee shall be furnished with all facilities
and services suitable to Employee's position and adequate for the performance of
Employee's duties.

      10. EXPENSES. The Employee is authorized to incur reasonable expenses for
promoting business of the Employer, including expenses for entertainment, travel
and similar items. The Employer shall reimburse the Employee for all such
expenses on the presentation by the Employee of itemized and adequately
documented accounts of such expenditures.

      11. TERMINATION. This Employment Agreement may be terminated under the
following circumstances:

            A) WITHOUT CAUSE. Employer may terminate this Agreement at any time
      upon thirty (30) days written notice to Employee, but Employer shall be
      obligated to pay to Employee compensation in the amount of one year's
      salary within 30 days of termination, unless Employee agrees to other
      payment terms.

            B) VOLUNTARY TERMINATION BY EMPLOYEE WITHOUT CAUSE. Employee may
      terminate this Agreement at any time upon thirty (30)

                                       3
<PAGE>
      days written notice to Employer and Employer shall be obligated, in that
      event, to pay Employee compensation up to the date of the termination
      only. All accrued but unpaid compensation shall be paid in cash within 30
      days of termination, unless Employee agrees to other payment terms.

            C) TERMINATION BY EMPLOYER FOR REASONABLE CAUSE. The Employer may
      terminate this Agreement for reasonable cause upon thirty (30) days
      written notice to the Employee and Employer shall be obligated, in that
      event, to pay Employee compensation up to the date of termination only.
      For purposes hereof, "cause" shall be defined as meaning (i) such conduct
      by the Employee which constitutes material breach of this Agreement which
      is not cured within ninety (90) days of written notice to the Employee of
      said alleged breach or (ii) a material failure to competently perform
      Employee's duties as stated in paragraph 1 in accordance with applicable
      professional standards as stated in paragraphs 1 and 8 hereof provided
      that Employer has previously given Employee written notice and a
      reasonable opportunity to remedy such failure and such failure has a
      materially adverse effect on the business or financial condition of
      Employer or (iii) material breach of Employee's fiduciary duty and such
      breach has a material adverse effect on the business or financial
      condition of Employer or (iv) egregiously improper or illegal conduct of
      the Employee which, in the Employer's sole discretion, has a material
      adverse affect on Employer.

            D) TERMINATION BY EMPLOYEE FOR REASONABLE CAUSE. Employee may
      terminate this Agreement for cause. In such event, Employer shall be
      obligated to pay Employee compensation in lump sum for the balance of the
      term of this Agreement within 30 days of termination or as Employee shall
      agree, plus damages suffered and expenses incurred by reason thereof. For
      this purpose "cause" shall mean (i) a material breach of this Agreement by
      Employer or (ii) failure of Employer to pay any amount owed Employee
      hereunder at the time and in the amount due or (iii) failure of Employer
      to follow applicable law or (iv) egregiously improper conduct with respect
      to dealing with Employee or in a manner which brings discredit to
      Employee.

      12. CONFIDENTIALITY. Employee agrees not to disclose any confidential,
proprietary competitively sensitive information to persons who are not
employees, directors, lenders, bonding agents, insurance companies or advisors
of the Employer, except as required by law, without prior consent of the
Employer; provided however, any disclosure involving this paragraph shall not
result in a breach of this Agreement unless the disclosure has a materially
adverse effect on the Employer.

                                       4
<PAGE>
      13. NOTICES. All notices, demands, and communications given under this
Agreement ("Notice") shall be in writing and delivered personally or sent by
registered or certified mail, return receipt requested, in the United States
mail, postage prepaid, addressed as follows:

                  If to Employer:
                           Meadow Valley Corporation
                           P.O. Box 60726
                           Phoenix, AZ 85082-0726

                  If to Employee:
                           Nicole R. Smith
                           26834 North 41st Street
                           Cave Creek, Arizona 85331

or at such other address as a party may from time to time designate by Notice
hereunder. Notice shall be effective upon delivery in person, or if mailed, at
midnight on the third business day after the date of mailing.

      14. ASSIGNMENT OF AGREEMENT. Neither party may assign or otherwise
transfer this Agreement or any of its rights or obligations hereunder without
the prior written consent to such assignment or transfer by the other party
hereto; and all the provisions of this Agreement shall be binding upon the
respective employees, successors, heirs and assigns of the parties; provided,
however, the benefits payable to Employee hereunder in the event of disability
or death or incapacity are payable to Employee's spouse or personal
representative.

      15. SURVIVAL OF REPRESENTATIONS, WARRANTIES AND COVENANTS. This Agreement
and the representations, warranties, covenants and other agreements (however
characterized or described) by both parties and contained herein or made
pursuant to the provisions hereof shall survive the execution and delivery of
this Agreement.

      16. FURTHER INSTRUMENTS. The parties shall execute and deliver any and all
such other instruments in reasonable mutually acceptable form and substance and
shall take any and all such other actions as may be reasonably necessary to
carry the intent of the Agreement into full force and effect.

                                       5
<PAGE>
      17. SEVERABILITY. If any provision of this Agreement shall be held,
declared or pronounced void, voidable, invalid, unenforceable or inoperative for
any reason by any court of competent jurisdiction, governmental authority or
otherwise, such holding, declaration or pronouncement shall not affect adversely
any other provision of this Agreement, which shall otherwise remain in full
force and effect and be enforced in accordance with its terms, and the effect of
such holding, declaration or pronouncement shall be limited to the territory of
jurisdiction in which made.

      18. WAIVER. All the rights and remedies of either party under this
Agreement are cumulative and not exclusive of any other rights and remedies
provided by law. No delay or failure on the part of either party in the exercise
of any right or remedy arising from a breach of this Agreement shall operate as
a waiver of any subsequent right or remedy arising from a subsequent breach of
this Agreement. The consent of any party where required hereunder to any act or
occurrence shall not be deemed to be a consent to any other act or occurrence.

      19. GENERAL PROVISIONS. This Agreement shall be construed and enforced in
accordance with, and governed by, the laws of the state of Arizona. Except as
otherwise expressly stated herein, time is of the essence in performing under
this Agreement. This Agreement embodies the entire agreement and understanding
between the parties and supersedes all prior agreements and understandings
relating to the subject matter of this Agreement as it relates to the parties'
duties and obligations from and after July 22, 2002, and this Agreement may not
be modified or amended or any term or provision hereof waived or discharged
except in writing signed by the party against whom such amendment, modification,
waiver or discharge is sought to be enforced. The headings of this Agreement are
for convenience in reference only and shall not limit or otherwise affect the
meaning thereof. This Agreement may be executed in any number of counterparts,
each of which shall be deemed an original but all of which taken together shall
constitute one and the same instrument.

                                       6
<PAGE>
      20. SPECIAL RIGHT OF EMPLOYEE UNDER CERTAIN CIRCUMSTANCES. During the term
of this Agreement, if the Employer or the Parent is involved in a merger,
consolidation or other business combination in which the Employer is not the
surviving and controlling entity and the Employee is required to relocate
outside out of the State in which the Employee resides at the time of the
merger, consolidation or other business combination in a manner not mutually
acceptable to Employee and Employer, then Employee shall have the following
rights:

      A) To terminate this Agreement with 30 days prior notice, in which event
Employer shall pay Employee an amount equal to one year's salary at the
Employee's current rate and

      B) All options granted shall, to the extent not specifically prohibited by
the stock option plan then in effect, vest immediately and be exercisable within
one year of the termination notice provided in A above.

IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year
first above written.

                                                 Meadow Valley Corporation

/s/ Nicole R. Smith                              By /s/ Bradley E. Larson
-------------------                              ------------------------
Employee                                         President/CEO

                                       7

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