Utilities, Utility Districts - As enacted, prohibits the comptroller of the treasury, in determining whether a utility system is financially distressed, from considering the straight-line depreciation of an asset acquired or completed in the 12 calendar months preceding the audit, so long as the asset's depreciation is calculated in accordance with generally accepted accounting principles and if this prohibition is approved by a simple majority vote of the governing body of a utility system at a meeting of the governing body. - Amends TCA Title 4; Title 9; Title 65; Title 67 and Title 68.