CUSIP No. 346242100                                           Page 1 of 14 Pages




                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13G


                    Under the Securities Exchange Act of 1934


                               Electric City Corp.
                                (Name of Issuer)

                         Common Stock, $.0001 par value
                         (Title of Class of Securities)


                                    284868106
                                 (CUSIP Number)



                                  June 15, 2001
             (Date of Event which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

                                [ ] Rule 13d-1(b)
                                [X] Rule 13d-1(c)
                                [ ] Rule 13d-1(d)


CUSIP No. 346242100                                           Page 2 of 14 Pages


================================================================================
  1      NAME OF REPORTING PERSON

         Augustine Fund, L.P.

--------------------------------------------------------------------------------
  2      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP            (a)[X]
                                                                     (b)[ ]

--------------------------------------------------------------------------------
  3      SEC USE ONLY

--------------------------------------------------------------------------------
  4      CITIZENSHIP OR PLACE OF ORGANIZATION

         Illinois
--------------------------------------------------------------------------------
        NUMBER OF              5    SOLE VOTING POWER

          SHARES                    0
                         -------------------------------------------------------
       BENEFICIALLY            6    SHARED VOTING POWER

         OWNED BY                   1,829,009
                         -------------------------------------------------------
           EACH                7    SOLE DISPOSITIVE POWER

        REPORTING                   0
                         -------------------------------------------------------
          PERSON               8    SHARED DISPOSITIVE POWER

           WITH                     1,829,009

--------------------------------------------------------------------------------
9        AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         1,829,009
--------------------------------------------------------------------------------
10       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
         CERTAIN SHARES                                              [ ]

--------------------------------------------------------------------------------
11       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

         5.9%
--------------------------------------------------------------------------------
12       TYPE OF REPORTING PERSON

         PN
================================================================================


CUSIP No. 346242100                                           Page 3 of 14 Pages


================================================================================
  1      NAME OF REPORTING PERSON

         Augustine Capital Management, LLC

--------------------------------------------------------------------------------
  2      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP            (a)[X]
                                                                     (b)[ ]

--------------------------------------------------------------------------------
  3      SEC USE ONLY

--------------------------------------------------------------------------------
  4      CITIZENSHIP OR PLACE OF ORGANIZATION

         Delaware
--------------------------------------------------------------------------------
        NUMBER OF              5    SOLE VOTING POWER

          SHARES                    0
                         -------------------------------------------------------
       BENEFICIALLY            6    SHARED VOTING POWER

         OWNED BY                   1,829,009
                         -------------------------------------------------------
           EACH                7    SOLE DISPOSITIVE POWER

        REPORTING                   0
                         -------------------------------------------------------
          PERSON               8    SHARED DISPOSITIVE POWER

           WITH                     1,829,009

--------------------------------------------------------------------------------
9        AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         1,829,009
--------------------------------------------------------------------------------
10       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
         CERTAIN SHARES                                              [ ]

--------------------------------------------------------------------------------
11       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

         5.9%
--------------------------------------------------------------------------------
12       TYPE OF REPORTING PERSON

         PN
================================================================================


CUSIP No. 346242100                                           Page 4 of 14 Pages


================================================================================
  1      NAME OF REPORTING PERSON

         Delano Group Securities, LLC

--------------------------------------------------------------------------------
  2      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP            (a)[X]
                                                                     (b)[ ]

--------------------------------------------------------------------------------
  3      SEC USE ONLY

--------------------------------------------------------------------------------
  4      CITIZENSHIP OR PLACE OF ORGANIZATION

         Delaware
--------------------------------------------------------------------------------
        NUMBER OF              5    SOLE VOTING POWER

          SHARES                    0
                         -------------------------------------------------------
       BENEFICIALLY            6    SHARED VOTING POWER

         OWNED BY                   1,829,009
                         -------------------------------------------------------
           EACH                7    SOLE DISPOSITIVE POWER

        REPORTING                   0
                         -------------------------------------------------------
          PERSON               8    SHARED DISPOSITIVE POWER

           WITH                     1,829,009

--------------------------------------------------------------------------------
9        AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         1,829,009
--------------------------------------------------------------------------------
10       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
         CERTAIN SHARES                                              [ ]

--------------------------------------------------------------------------------
11       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

         5.9%
--------------------------------------------------------------------------------
12       TYPE OF REPORTING PERSON

         PN
================================================================================


CUSIP No. 346242100                                           Page 5 of 14 Pages


================================================================================
  1      NAME OF REPORTING PERSON

         David R. Asplund

--------------------------------------------------------------------------------
  2      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP            (a)[X]
                                                                     (b)[ ]

--------------------------------------------------------------------------------
  3      SEC USE ONLY

--------------------------------------------------------------------------------
  4      CITIZENSHIP OR PLACE OF ORGANIZATION

         United States
--------------------------------------------------------------------------------
        NUMBER OF              5    SOLE VOTING POWER

          SHARES                    0
                         -------------------------------------------------------
       BENEFICIALLY            6    SHARED VOTING POWER

         OWNED BY                   1,829,009
                         -------------------------------------------------------
           EACH                7    SOLE DISPOSITIVE POWER

        REPORTING                   0
                         -------------------------------------------------------
          PERSON               8    SHARED DISPOSITIVE POWER

           WITH                     1,829,009

--------------------------------------------------------------------------------
9        AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         1,829,009
--------------------------------------------------------------------------------
10       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
         CERTAIN SHARES                                              [ ]

--------------------------------------------------------------------------------
11       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

         5.9%
--------------------------------------------------------------------------------
12       TYPE OF REPORTING PERSON

         IN
================================================================================


CUSIP No. 346242100                                           Page 6 of 14 Pages


================================================================================
  1      NAME OF REPORTING PERSON

         Thomas F. Duszynski

--------------------------------------------------------------------------------
  2      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP            (a)[X]
                                                                     (b)[ ]

--------------------------------------------------------------------------------
  3      SEC USE ONLY

--------------------------------------------------------------------------------
  4      CITIZENSHIP OR PLACE OF ORGANIZATION

         United States
--------------------------------------------------------------------------------
        NUMBER OF              5    SOLE VOTING POWER

          SHARES                    0
                         -------------------------------------------------------
       BENEFICIALLY            6    SHARED VOTING POWER

         OWNED BY                   1,829,009
                         -------------------------------------------------------
           EACH                7    SOLE DISPOSITIVE POWER

        REPORTING                   0
                         -------------------------------------------------------
          PERSON               8    SHARED DISPOSITIVE POWER

           WITH                     1,829,009

--------------------------------------------------------------------------------
9        AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         1,829,009
--------------------------------------------------------------------------------
10       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
         CERTAIN SHARES                                              [ ]

--------------------------------------------------------------------------------
11       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

         5.9%
--------------------------------------------------------------------------------
12       TYPE OF REPORTING PERSON

         IN
================================================================================


CUSIP No. 346242100                                           Page 7 of 14 Pages


================================================================================
  1      NAME OF REPORTING PERSON

         David M. Matteson

--------------------------------------------------------------------------------
  2      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP            (a)[X]
                                                                     (b)[ ]

--------------------------------------------------------------------------------
  3      SEC USE ONLY

--------------------------------------------------------------------------------
  4      CITIZENSHIP OR PLACE OF ORGANIZATION

         United States
--------------------------------------------------------------------------------
        NUMBER OF              5    SOLE VOTING POWER

          SHARES                    0
                         -------------------------------------------------------
       BENEFICIALLY            6    SHARED VOTING POWER

         OWNED BY                   1,829,009
                         -------------------------------------------------------
           EACH                7    SOLE DISPOSITIVE POWER

        REPORTING                   0
                         -------------------------------------------------------
          PERSON               8    SHARED DISPOSITIVE POWER

           WITH                     1,829,009

--------------------------------------------------------------------------------
9        AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         1,829,009
--------------------------------------------------------------------------------
10       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
         CERTAIN SHARES                                              [ ]

--------------------------------------------------------------------------------
11       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

         5.9%
--------------------------------------------------------------------------------
12       TYPE OF REPORTING PERSON

         IN
================================================================================


CUSIP No. 346242100                                           Page 8 of 14 Pages


================================================================================
  1      NAME OF REPORTING PERSON

         Brian D. Porter

--------------------------------------------------------------------------------
  2      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP            (a)[X]
                                                                     (b)[ ]

--------------------------------------------------------------------------------
  3      SEC USE ONLY

--------------------------------------------------------------------------------
  4      CITIZENSHIP OR PLACE OF ORGANIZATION

         United States
--------------------------------------------------------------------------------
        NUMBER OF              5    SOLE VOTING POWER

          SHARES                    0
                         -------------------------------------------------------
       BENEFICIALLY            6    SHARED VOTING POWER

         OWNED BY                   1,829,009
                         -------------------------------------------------------
           EACH                7    SOLE DISPOSITIVE POWER

        REPORTING                   0
                         -------------------------------------------------------
          PERSON               8    SHARED DISPOSITIVE POWER

           WITH                     1,829,009

--------------------------------------------------------------------------------
9        AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         1,829,009
--------------------------------------------------------------------------------
10       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
         CERTAIN SHARES                                              [ ]

--------------------------------------------------------------------------------
11       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

         5.9%
--------------------------------------------------------------------------------
12       TYPE OF REPORTING PERSON

         IN
================================================================================


CUSIP No. 346242100                                           Page 9 of 14 Pages


================================================================================
  1      NAME OF REPORTING PERSON

         John T. Porter

--------------------------------------------------------------------------------
  2      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP            (a)[X]
                                                                     (b)[ ]

--------------------------------------------------------------------------------
  3      SEC USE ONLY

--------------------------------------------------------------------------------
  4      CITIZENSHIP OR PLACE OF ORGANIZATION

         United States
--------------------------------------------------------------------------------
        NUMBER OF              5    SOLE VOTING POWER

          SHARES                    0
                         -------------------------------------------------------
       BENEFICIALLY            6    SHARED VOTING POWER

         OWNED BY                   1,829,009
                         -------------------------------------------------------
           EACH                7    SOLE DISPOSITIVE POWER

        REPORTING                   0
                         -------------------------------------------------------
          PERSON               8    SHARED DISPOSITIVE POWER

           WITH                     1,829,009

--------------------------------------------------------------------------------
9        AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         1,829,009
--------------------------------------------------------------------------------
10       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
         CERTAIN SHARES                                              [ ]

--------------------------------------------------------------------------------
11       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

         5.9%
--------------------------------------------------------------------------------
12       TYPE OF REPORTING PERSON

         IN
================================================================================


CUSIP No. 346242100                                          Page 10 of 14 Pages


Item 1(a) Name of Issuer:

         Electric City Corp.

Item 1(b) Address of Issuer's Principal Office:

         1280 Landmeier Road
         Elk Grove Village, IL 60007-2410

Item 2(a) Name of Person Filing:

         Augustine Fund, L.P.
         Augustine Capital Management, LLC
         Delano Group Securities, LLC
         David R. Asplund
         Thomas F. Duszynski
         David M. Matteson
         Brian D. Porter
         John T. Porter

Item 2(b) Address of Principal Business Office or, if none, Residence:

         The business address of each person filing is 141 West Jackson
         Boulevard, Suite 2182, Chicago, Illinois 60604.

Item 2(c) Citizenship:

         Augustine Fund, L.P. is an Illinois limited partnership.
         Augustine Capital Management, LLC is an Delaware limited liability
              company.
         Delano Group Securities, LLC is a Delaware limited liability company.
         David R. Asplund, Thomas F. Duszynski, David M. Matteson, Brian D.
         Porter and John T. Porter are all United States citizens and
              residents of the State of Illinois.

Item 2(d) Title of Class of Securities:

         Common Stock.

Item 2(e) CUSIP Number:

         284868106

CUSIP No. 346242100                                          Page 11 of 14 Pages



Item 3. If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b),
check whether the person filing is a:

         Not applicable.

Item 4.  Ownership

         Augustine Fund, L.P. ("Augustine Fund") may be deemed to share power
to vote and dispose of the shares owned of record with its general partner
Augustine Capital Management, LLC ("Augustine Capital") and with the controlling
members, directors and officers of Augustine Capital, all of whom are David R.
Asplund, Thomas F. Duszynski, David M. Matteson, Brian D. Porter and John T.
Porter. Delano Group Securities, LLC ("Delano") may be deemed to share power to
vote and dispose of the shares owned of record with its controlling members,
directors and officers, all of whom are David R. Asplund, Thomas F. Duszynski,
David M. Matteson, Brian D. Porter and John T. Porter. Shares owned of record by
Augustine Fund or Delano may be deemed to be beneficially owned by any or all of
Augustine Fund, Augustine Capital, Delano, David R. Asplund, Thomas F.
Duszynski, David M. Matteson, Brian D. Porter and John T. Porter (collectively,
the "Group Members").

         (a)  Amount Beneficially Owned:

                  The Group Members beneficially own 1,829,009 shares of the
Issuer's Common Stock.

         (b)  Percent of Class:

                  The Group Members beneficially own 5.9% of the Common Stock.

         (c) Each of the Group Members has the number of shares listed below as
to which such Group Member has:

                  (i) sole power to vote or direct the vote:  0

                  (ii) shared power to vote or direct the vote:  1,829,009

                  (iii) sole power to dispose or direct the disposition of:  0

                  (iv) shared power to dispose or direct the disposition of:
                           1,829,009

Item 5.  Ownership of Five Percent or Less of a Class

         If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following [ ].



CUSIP No. 346242100                                          Page 12 of 14 Pages



Item 6.  Ownership of More than Five Percent on Behalf of Another Person

         Not applicable.

Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company

         Not applicable.

Item 8.  Identification and Classification of Members of the Group

         The Group Members are the members of the group filing this Schedule
13G.

Item 9.  Notice of Dissolution of Group

         Not applicable.

Item 10. Certification

         By signing below I certify that, to the best of my knowledge and
         belief, the securities referred to above were not acquired and are not
         held for the purpose of or with the effect of changing or influencing
         the control of the issuer of the securities and were not acquired and
         are not held in connection with or as a participant in any transaction
         having that purpose or effect.


CUSIP No. 346242100                                          Page 13 of 14 Pages



                                   SIGNATURES

         After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

Date:    June 19, 2001

                                       AUGUSTINE FUND, L.P.

                                       By:   AUGUSTINE CAPITAL MANAGEMENT, LLC
                                             General Partner

                                       By:         /s/ John T. Porter
                                                   John T. Porter, President


                                       AUGUSTINE CAPITAL MANAGEMENT, LLC

                                       By:         /s/ John T. Porter
                                                   John T. Porter, President



By:      /s/ David R. Asplund
          David R. Asplund

By:      /s/ Thomas Duszynski
          Thomas Duszynski

By:      /s/ David M. Matteson
          David M. Matteson

By:      /s/ Brian D. Porter
          Brian D. Porter

By:      /s/ John T. Porter
          John T. Porter