Document:

<PAGE>

                                                                  Exhibit 10.167

                                 Schedule No. 3
                     Schedule of Indebtedness and Collateral

To Master Security Agreement dated 4/5/00, between the undersigned Secured Party
and Debtor.

This Schedule of Indebtedness and Collateral incorporates the terms and
conditions of the above-referenced Master Security Agreement.

This is Originally Executed Copy No. 1 of 1 originally executed copies. Only
transfer of possession by Secured Party of Originally Executed Copy No. 1 shall
be effective for purposes of perfecting an interest in this Schedule by
possession.

The equipment listed on this Schedule will be located at:

3430 East Flamingo Road, Ste. 100           Las Vegas          NV       89121
--------------------------------------------------------------------------------
Address                                     City               State    Zip Code

Debtor grants to Secured Party a security interest in the property described
below, along with all present and future attachments and accessories thereto and
replacements and proceeds thereof, including amounts payable under any insurance
policy, all hereinafter referred to collectively as "Collateral".

Collateral Description (Describe Collateral fully including make, kind of unit,
model and serial numbers and any other pertinent information.)

See Schedule "A" consisting of 2 pages attached hereto and made a part hereof.

2095A (8/00) Schedule of Indebtedness and Collateral -
           Precomputed Interest: Fixed Rate
       Attach to Master Security Agreement 2094.                     Page 1 of 2
<PAGE>

Debtor promises to pay Secured Party the total sum of $918,524.16 which
represents principal and interest precomputed over the term hereof, payable in
36 (total number) combined principal and interest payments of $25,514.56 each
commencing on 2/18/02 and a like sum on a like date each month thereafter until
fully paid, provided however, that the final payment shall be in the amount of
the unpaid balance and interest. Payment shall be made at the address of Secured
Party shown on the Master Security Agreement or such other place as Secured
Party may designate from time to time.

Special Provisions

If this Schedule is prepaid prior to the date provided for repayment, the Debtor
agrees to pay the following fees: During the first loan year - NO PREPAYMENT
ALLOWED; during the second loan year - 5% of the then unpaid balance; during the
third loan year - 4% of the then unpaid balance.

Accepted 1/16/02
         -------------------------

Secured Party:

THE CIT GROUP/EQUIPMENT FINANCING, INC.

By /s/ ILLEGIBLE                       Title ILLEGIBLE
   -------------------------------           -----------------------------------

Executed on
            -------------------

Debtor: 1/16/02

Ready Mix, Inc.
--------------------------------------------------------------------------------
Name of individual, corporation or partnership

By /s/ KENNETH D. NELSON               Title Vice President
   -------------------------------           -----------------------------------

2095A (8/00) Schedule of Indebtedness and Collateral -
           Precomputed Interest: Fixed Rate
       Attach to Master Security Agreement 2094.                     Page 2 of 2
<PAGE>

                                  SCHEDULE "A"
                                  ------------

Attached to and made a part of Schedule of Indebtedness and Collateral No. 3
dated 1-16-02, to Master Security Agreement dated 4-5-00, between Ready Mix,
Inc. as Debtor and The CIT Group/Equipment Financing, Inc. as Secured Party.

One (1) 1997 IHC Truck, F5070 SFA, VIN: 2HTTWAHT0VC029176, with 11.0 Yard
Bridgemaster III Mixer, S/N: 43133-09079

One (1) 1997 IHC Truck, F5070 SFA, VIN: 2HTTWAHT6VC029196, with 11.0 Yard
Bridgemaster III Mixer, S/N: 43132-09078

One (1) 1997 IHC Truck, F5070 SFA, VIN: 2HTTWAHT9VC027118, with 11.0 Yard
Bridgemaster III Mixer, S/N: 43147-09086

One (1) 1997 IHC Truck, F5070 SFA, VIN: 2HTTWAHT3VC029169, with 11.0 Yard
Bridgemaster III Mixer, S/N: 43145-09084

One (1) 1997 IHC Truck, F5070 SFA, VIN: 2HTTWAHT1VC029171, with 11.0 Yard
Bridgemaster III Mixer, S/N: 43168-09098

One (1) 1997 IHC Truck, F5070 SFA, VIN: 2HTTWAHTXVC029170, with 11.0 Yard
Bridgemaster III Mixer, S/N: 43178-09101

One (1) 1997 IHC Truck, F5070 SFA, VIN: 2HTTWAHT9VC029175, with 11.0 Yard
Bridgemaster III Mixer, S/N: 43165-09095

One (1) 1997 IHC Truck, F5070 SFA, VIN: 2HTTWAHT1VC029185, with 11.0 Yard
Bridgemaster III Mixer, S/N: 42938-08979

One (1) 1997 IHC Truck, F5070 SFA, VIN: 2HTTWAHT3VC029172, with 11.0 Yard
Bridgemaster III Mixer, S/N: 42873-08955

One (1) 1997 IHC Truck, F5070 SFA, VIN: 2HTTWAHT2VC029177, with 11.0 Yard
Bridgemaster III Mixer, S/N: 42940-08981

One (1) 1997 IHC Truck, F5070 SFA, VIN: 2HTTWAHT6VC029179, with 11.0 Yard
Bridgemaster III Mixer, S/N: 43101-09063

One (1) 1997 IHC Truck, F5070 SFA, VIN: 2HTTWAHT4VC029178, with 11.0 Yard
Bridgemaster III Mixer, S/N: 42877-08956

One (1) 1997 IHC Truck, F5070 SFA, VIN: 2HTTWAHT0VC027010, with 11.0 Yard
Bridgemaster III Mixer, S/N: 42868-08952
<PAGE>

One (1) 1997 IHC Truck, F5070 SFA, VIN: 2HTTWAHT0VC027007, with 11.0 Yard
Bridgemaster III Mixer, S/N: 42854-08946

One (1) 1997 IHC Truck, F5070 SFA, VIN: 2HTTWAHT7VC027120, with 11.0 Yard
Bridgemaster III Mixer, S/N: 43042-09033

One (1) 1997 IHC Truck, F5070 SFA, VIN: 2HTTWAHT7VC027117, with 11.0 Yard
Bridgemaster III Mixer, S/N: 42928-08975

One (1) 1997 IHC Truck, F5070 SFA, VIN: 2HTTWAHT2VC027123, with 11.0 Yard
Bridgemaster III Mixer, S/N: 42919-08971

One (1) 1997 IHC Truck, F5070 SFA, VIN: 2HTTWAHT5VC017208, with 11.0 Yard
Bridgemaster III Mixer, S/N: 43026-09024

One (1) 1997 IHC Truck, F5070 SFA, VIN: 2HTTWAHT0VC027122, with 11.0 Yard
Bridgemaster III Mixer, S/N: 42920-08972

One (1) 1997 IHC Truck, F5070 SFA, VIN: 2HTTWAHT2VC029180, with 11.0 Yard
Bridgemaster III Mixer, S/N: 43087-09049

One (1) 1997 IHC Truck, F5070 SFA, VIN: 2HTTWAHT9VC027121, with 11.0 Yard
Bridgemaster III Mixer, S/N: 43077-09048

One (1) 1997 IHC Truck, F5070 SFA, VIN: 2HTTWAHT4VC027012, with 11.0 Yard
Bridgemaster III Mixer, S/N: 42872-08954

And tires, wheels, additions, substitutions, attachments, replacements and
accessions thereof, plus the proceeds of all the foregoing.

Debtor:                                Secured Party:
READY MIX, INC.                        THE CIT GROUP/EQUIPMENT
---------------                        -----------------------
                                       FINANCING, INC.
                                       ---------------

By: /s/ KENNETH D. NELSON              By:
    ------------------------------         ------------------------------

Title: Vice President                  Title:
       ---------------------------            ---------------------------
<PAGE>

                                                                      ----------
                                                                      Date

THE CITY GROUP/EQUIPMENT FINANCING, INC.

P.O. Box 27248
--------------------------------------------------------------------------------
Address

Tempe                                                    AZ         85285-7248
--------------------------------------------------------------------------------
City                                                     State      Zip Code

Gentlemen:

You are irrevocably instructed to disburse the proceeds of your loan to us,
evidenced by the Schedule of Indebtedness No. _____ dated 1-16-02, To Master
Security Agreement dated 4-5-00 as follows:

<TABLE>
<CAPTION>
                  Payee Names and Addresses                                       Amount
-------------------------------------------------------------             ---------------------
<S>                                                                       <C>
1st Capital Group                                                         $         452,672.89
                                                                           --------------------

US Bankcorp.                                                              $         374,451.69
                                                                           --------------------

The CIT Group/Equipment Financing, Inc (Non Refundable Processing Fee)    $           3,500.00
                                                                           --------------------

                                                                          $
                                                                           --------------------

                                                                          $
                                                                           --------------------

                                                                          $
                                                                           --------------------

                                                                          $
                                                                           --------------------

                                                        Total Proceeds    $         830,624.58
                                                                           --------------------
</TABLE>

Very truly yours,

Ready Mix, Inc.
--------------------------------------------------------------------------------

By /s/ KENNETH D. NELSON               Title Vice President
   -------------------------------           -----------------------------------

1770 (11/98) Pay Proceeds Letter                                     Page 1 of 1<PAGE>

                                                                  Exhibit 10.168

tyco                         Mark Saylor               Tyco Capital fka The CIT
----------                   Phone 480-784-2383        Group/EF
Capital                      Fax 480-858-1438          1540 W. Fountainhead Pkwy
                             E-Mail                    Tempe, AZ 85282
                             Mark.saylor@cit.com
                             -------------------       P.O. Box 27248
                                                       Tempe, AZ 85285

January 15, 2002

Mr. Brad Larson
Meadow Valley Contractors, Inc.
4411 South 40th Street
Phoenix, AZ  85040

Re: Amendment No. 1 to Restated and Amended Revolving Loan Agreement (the
"Agreement") dated July 27, 2001.

Dear Brad:

The above Agreement is hereby amended as follows:

Section 1. Loans. The "Termination Date" is changed to January 1, 2003.

Section 4. Repayment of Loans. The date in Subsection 4.2 is changed to January
31, 2003.

Section 5. Interest. The rate in the first sentence is changed to "governing
rate" plus .50%.

Section 7. Available Line of Credit. Subsection 7.3 is entirely replaced by the
following:

All other terms and conditions of the Agreement will remain in full force and
effect.

Sincerely,

Mark Saylor
CIT Group/Equipment Financing, Inc.

Agreed to:

Meadow Valley Contractors, Inc.

By: /s/ KENNETH D. NELSON
    -------------------------

Title: Vice President
       ----------------------

Date: 1-28-02
      -----------------------

Guarantor Acknowledgement:

Meadow Valley Corporation

By: /s/ Bradley E. Larson
    -------------------------

Title: President
       ----------------------

Date: 1-28-02
      -----------------------

Tyco Capital companies are subsidiaries of Tyco International Ltd.
<PAGE>

tyco                         Mark Saylor               Tyco Capital fka The CIT
----------                   Phone 480-784-2383        Group/EF
Capital                      Fax 480-858-1438          1540 W. Fountainhead Pkwy
                             E-Mail                    Tempe, AZ 85282
                             Mark.saylor@cit.com
                             -------------------       P.O. Box 27248
                                                       Tempe, AZ 85285

January 15, 2002

Mr. Brad Larson
Ready Mix, Inc.
3430 Flamingo Rd. #100
Las Vegas, NV 89121-5018

Re: Amendment No. 1 to Revolving Loan Agreement (the "Agreement") dated July 27,
2001.

Dear Brad:

The above Agreement is hereby amended as follows:

Section 1. Loans. The "Termination Date" is changed to January 1, 2003.

Section 4. Repayment of Loans. The date in Subsection 4.2 is changed to January
31, 2003.

Section 5. Interest. The rate in the first sentence is changed to "governing
rate" plus .50%.

Section 7. Available Line of Credit. Subsection 7.3 is entirely replaced by the
following:

All other terms and conditions of the Agreement will remain in full force and
effect.

Sincerely,

Mark Saylor
CIT Group/Equipment Financing, Inc.

Agreed to:

Ready Mix, Inc.

By: /s/ KENNETH D. NELSON
    -------------------------

Title: Vice President
       ----------------------

Date: 1-28-02
      -----------------------

Guarantor Acknowledgement:

Meadow Valley Corporation

By: /s/ Bradley E. Larson
    -------------------------

Title: President
       ----------------------

Date: 1-28-02
      -----------------------

Tyco Capital companies are subsidiaries of Tyco International Ltd.

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