Preheat your oven to 350 degrees.
Grease and flour a bundt or tube pan.
1 cup softened butter or margarine
2 cups granulated sugar
1-1/2 teaspoons lemon extract
1-1/2 vanilla extract
3 cups flour
2 teaspoons baking powder
1/2 teaspoon salt- if using salted butter or margarine do not use
1 cup milk
1 Tablespoon grated lemon peel- optional
1/4 cup lemon juice
1 Tablespoon water
1/2 teaspoon lemon extract
3/4 cup granulated sugar
Combine the flour, baking powder, and salt in a bowl. Set aside.
Cream the butter and sugar. Add eggs, beating one egg in completely before adding the next one. Mix in the extracts.
Add the milk and the flour mixture alternately beginning and ending with the milk. Stir in the lemon peel, if you are using.
Pour into the prepared pan.
Bake for 60-70 minutes til it tests done with a toothpick inserted near the center.
Cool for 10 minutes. Invert pan onto a wire rack for 10 more minutes.
Put waxed paper or foil underneath rack to catch extra glaze.Let the cake cool slightly.
Combine glaze ingredients.
Drizzle over the warm cake with a spoon.
OR If you have a pastry brush, I recommend you brush the glaze on the cake.
More will stay on the cake instead of ending up on the waxed paper.