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Place bread pieces in a 9 by 12-inch baking dish. Add raisins to dish. In a large bowl, combine the milk, eggs, butter, cinnamon, vanilla, heavy cream, sugar, brown sugar, molasses, lemon zest, and salt, and mix well to ensure the sugar has been dissolved. Add the reserved raisin soaking liquid to the milk mixture and pour over bread. Let sit until bread has soaked up all of the milk mixture for at least 1 to 2 hours.
Preheat oven to 350 degrees F.
Place baking dish in another large pan and add water about halfway up the sides of the baking dish. Bake for 1 hour or until bread pudding has set. Remove bread pudding from oven and let cool to just warm.