Preheat oven to 350°.
To prepare cake, combine rind and 3 tablespoons juice in a small bowl. Set aside.
Coat a 10-inch Bundt pan with cooking spray; dust with 2 tablespoons granulated sugar.
Lightly spoon the flour into dry measuring cups, and level with a knife. Combine flour, baking powder, salt, and baking soda in a large bowl, stirring well with a whisk.
Place butter in a large bowl; beat with a mixer at medium speed until light and fluffy. Gradually add remaining 1 1/2 cups granulated sugar, rind mixture, and extract, beating until well blended. Add eggs, 1 at a time, beating well after each addition. Add flour mixture and 1 cup buttermilk alternately to sugar mixture, beating at low speed, beginning and ending with flour mixture.
Spoon batter into prepared pan. Bake at 350° for 45 minutes or until a wooden pick inserted in center comes out clean. Cool in pan 10 minutes on a wire rack; remove from pan. Cool completely on wire rack.
To prepare glaze, combine powdered sugar, 1 1/2 tablespoons juice, and 1 tablespoon buttermilk in a small bowl, stirring until smooth. Drizzle glaze over warm cake. Garnish with grated lemon rind once glaze is set, if desired.