Yours truly is skeptical about mandated rainy day funds, no matter how they are written. The idea of building a reserve in Good Times for cushioning the budget in Bad Times is fine. But it can be done simply by spending less than incoming revenue. The General Fund has a reserve as part of its standard accounting and the governor and legislature can accumulate as much as they are willing. Partitioning the reserve into categories by itself doesn't do much and such efforts at locking up money can be evaded in creative ways. Then the question is what areas of the budget get the "benefit" of the evasion. I'm willing to guess it won't be UC.
We'll see what happens when the governor seeks help from the legislative Republicans.