Granny Galloway's Buttermilk Cake and Dip

1 cup butter 2 cups sugar 4 eggs 1 tsp. vanilla 1 tsp lemon extract 3 cup sifted flour 1/2 tsp. baking soda 1/2 tsp. baking powder 3/4 tsp. salt 1 cup buttermilk Dip: 1 cup sugar 1/4 cup flour 1/2 tsp. salt 1 tsp. nutmeg 1/2 cup (1 stick) butter, melted 3 cups boiling water

For cake: Preheat oven to 325F (163C). Grease and flour two large loaf pans; set aside. Sift dry ingredients together; set aside. Cream butter and sugar thoroughly. Add eggs one at a time; beat for 2 1/2 minutes at medium speed. Add flavorings; beat until blended thoroughly. Add dry ingredients alternately with buttermilk. Beat for 3 1/2 minutes at medium speed. Pour into loaf pans and bake for 1 hour or until done. For dip: Combine dry ingredients in a saucepan, pour in melted butter, stir over medium heat until thoroughly mixed. Add 2 c. boiling water, stir until translucent, then add remaining 1 c. water. Simmer briefly, stirring constantly, until the sauce is nicely thickened and lump-free. Ladle generously over thick slices of buttermilk cake. Can be refrigerated and reheated.