Butter 12-cup bundt pan, dusting buttered surface with flour and shaking out excess. Combine butter, sugar, flour and baking powder in mixer fitted with paddle. Beat on low speed 2 minutes. Combine remaining ingredients except lemon glaze in separate bowl. Add to butter mixture in three additions, beating 1 minute after each.
Scrape batter into prepared pan, smoothing surface with spatula.
Bake 1 hour or until cake has risen, its surface is golden brown, and a knife inserted between the edge and tube comes out clean. Transfer cake, still in pan, to cooling rack. Let cool at least 1 hour. Unmold cake and brush glaze evenly over outside of cake. Serve immediately, or cool and wrap for storage.