Eggnog Bread Pudding with Rum Sauce

2 cups skim milk
1 teaspoon vanilla
1 cup sugar
1 teaspoon nutmeg
2 eggs
10 cups french bread cubes

SAUCE:
1 cup firmly packed brown sugar
1/2 cup light corn syrup
2 tablespoons rum
2 tablespoons butter
1/2 teaspoon vanilla

Heat oven to 350ºF. Spray 13 by 9-inch baking dish with nonstick cooking spray. In a large bowl, combine all bread pudding ingredients except bread and raisins; blend until smooth with wire whisk. Fold in bread cubes and raisins. Pour into the prepared dish. Bake at 350ºF for 40 to 45 minutes or until set. Rum Sauce: In a small saucepan, combine all rum sauce ingredients. Cook over medium heat until mixture comes to a boil, stirring constantly. Boil 1 minute. Remove from heat; cool slightly. Serve over warm bread pudding.