The Faculty Senate shall be the legislative body of the university thereby providing a forum for mutual exchange of ideas between senior administrators and faculty. In this capacity, the Senate shall take cognizance of, and may legislate with respect to matters which concern colleges, schools or other major academic units, or which are otherwise of general university interest. In exercising its legislative function, the Senate shall make such rules, regulations, and bylaws as it may deem advisable for the fulfillment of its duties.