My neighbor makes this every couple months, and we share a slice warm with coffee the day she bakes it, and cold for dessert with milk the next day! I believe the recipe originated from the Land O Lakes Butter label.
In a mixer bowl, combine flour, sugar, softened butter, milk, eggs, baking powder, and orange and almond extracts.
Beat on medium speed, scraping the sides of the bowl often, until well mixed (1-2 minutes).
Spread into greased pan.
In a heavy 2-quart saucepan, combine remaining 1/2 cup butter, sugar, honey, nutmeg, milk, and 1/2 tsp orange extract. Cook over medium heat, stirring occaisionally until mixture comes to a full boil (about 5 minutes).