Preheat oven to 325 degrees F (165 degrees C). Grease and flour a 10 inch Bundt pan.
In a large bowl, mix the flour, 2 cups sugar, salt, baking powder and baking soda. Blend in buttermilk, 1 cup of butter, 2 teaspoons of vanilla and 4 eggs. Beat for 3 minutes at medium speed. Pour batter into prepared pan.
Bake in preheated oven for 60 minutes, or until a wooden toothpick inserted into center of cake comes out clean. Prick holes in the still warm cake. Slowly pour sauce over cake. Let cake cool before removing from pan.
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To Make Butter Sauce- In a saucepan combine the remaining 3/4 cups sugar, 1/3 cup butter, 2 teaspoons vanilla, and the water. Cook over medium heat, until fully melted and combined, but do not boil.
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