Preheat oven to 350F.

Spray a 10-inch nonstick Bundt pan with Baker's Release spray.

Combine wet ingredients for cake in an electric mixer fitted with the paddle attachment and mix well.

Sift together the dry ingredients and add gradually to form a smooth batter.

Pour cake batter into the prepared Bundt pan.

Bake for 60-70 minutes or until a toothpick tests without wet batter sticking to it.

Cool cake 20 minutes in the pan, then turn out and finish cooling on a wire rack.

Bring to a boil, then reduce heat and continue to simmer for three minutes without stirring whatsoever then remove from heat and cool twenty minutes.

Meanwhile, sift the sugar into a mixing bowl.

After twenty minutes, tilt the pan and pour the caramel into the powdered sugar.

Add the vanilla and the remaining condensed milk and stir until smooth and of drizzling consistency.

Drizzle over cake with a drip pan below the rack to catch any runoff.

Allow cake to set up and dry, about half an hour.