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I noticed lots of rust spots around the bolts and washers. I put a wrench on one bolt and it literally broke in half. You can see the stub of the bolt near the chisel. The good news is that there was no water coming up around the bolts. After more inspection, I found two more bolts that wiggled a bit. Taking all of the nuts off, one at a time as the boat is in the water, I found corrosion on three other bolts under the area where the nuts were. Classic case of crevice corrosion caused by years of being submerged in salt water from a dripping engine packing gland. What to do about it ?