In a large bowl, mix butter and sugar till the mixture gets creamy. Add the eggs, one at a time, beating well after each addition. Beat in extracts. Combine flour, baking powder and salt; add to creamed mixture alternately with milk. Stir in lemon peel. Pour into a greased and floured 10-in. fluted tube pan. Bake at 350 degrees F for 60-70 minutes (adjust the temperature depending on your oven) or until a toothpick inserted near the center comes out clean. Cool for 10 minutes; invert onto a wire rack. Cool 10 minutes longer.. Combine glaze ingredients and bring to boil then reduce heat and simmer for 12-15 minutes till it gets syrupy then add the grated lemon peel. Drizzle the lemon syrup over the warm cake,. Cool completely before serving