1. Preheat oven to 325°.
2. Coat a 10-inch tube pan with baking spray. Weigh or lightly spoon flour into dry measuring cups; level with a knife. Combine flour, baking powder, and 1/2 teaspoon salt, stirring well. Place granulated sugar, butter, and cream cheese in a large bowl; beat with a mixer at high speed until light and fluffy. Add eggs, 1 at a time. Beat in oil, rind, and vanilla.
3. Add flour mixture and milk alternately to batter, beginning and ending with flour. Spoon batter into pan; bake at 325° for 1 hour and 10 minutes or until a wooden pick inserted in center comes out with moist crumbs clinging. Cool in pan on a wire rack 10 minutes. Invert cake. Cool on rack.
4. Place juice in a saucepan over medium-high heat; bring to a boil. Cook until reduced to 3 tablespoons (about 4 minutes). Cool slightly. Stir in powdered sugar and remaining 1/8 teaspoon salt. Drizzle over cake.