I know this is a mysterious but common problem and wanted to document my personal experience (for all posterity) with the bolt that serves to hold the bracket to adjust the alternator on one end and also serves to secure the water pump.
The subject powerplant is a circa 1980 318 block that was rebuilt professionally about 10 years ago using a cast iron 273 water pump (vehicle is '65 Formula S). The last three years the vehicle was being restored, so the engine has not run during that time....
318 Water Pump Bolt That "Always Wants to Leak" Story
