In a mixing bowl, cream butter, cream cheese and sugar. Add eggs, one at a time, beating well after each egg. Beat in vanilla. Add flour; mix well. Pour into a greased 15 in/ 10 in baking pan. Bake at 325 F for 30-35 minutes or until a toothpick inserted near the center comes out clean.
Cool Completely.
Frosting: 1 cup sugar 1/3 cup evaporated milk 1/2 cup butter 1/2 cup semisweet chocolate chips
Combine sugar and milk in a saucepan; bring to a boil over medium heat. Cover and cook for 3 minutes (do not stir). Stir in butter and chocolate chips until melted. Cool slightly. Stir and spread over cake. YIELD 24-30 servings.
