Step 1

Preheat oven to 325 degrees F.

Step 2

Grease and flour a 10-inch (12 cup) tube or bundt pan.

Step 3

Cream butter and shortening at medium speed with a heavy-duty mixer.

Step 4

Gradually add sugar, beating at medium speed until light and fluffy.

Step 5

Add eggs, one at a time. Beat just until blended after each addition.

Step 6

Stir together flour, baking powder, and salt.

Step 7

Add flour mixture to butter mixture alternately with milk. Begin and end with flour mixture.

Step 8

Beat at low speed until just blended after each addition.

Step 9

Stir in vanilla, lime zest, and lime juice.

Step 10

Spoon batter into prepared pan.

Step 11

Bake at 325 degrees for 1 hour 25 to 30 minutes.

Step 12

Test doneness by inserting a long wooden pick or skewer into the center of cake. The cake is done when the skewer comes out clean or with dry crumbs.

Step 13

Cool cake in pan on a wire rack 25 to 30 minutes before inverting onto a serving tray to cool completely.

Step 14

While cake is cooling on tray, prepare glaze. Mix glaze ingredients together with a whisk and drizzle over cake.

Step 15

Store on countertop for 3 days or in refrigerator up to 7 days.