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