Sorry, I should have been more specific. 1989 OMC Cobra 4.3. On the left side of the outdrive there is a bolt/screw located underneath the cobra emblem sticker. This goes directly in to the water passage from the impeller to the hose for the engine. Sometimes, people have removed that screw thinking it was an oil or water drain. The nut behind it falls in to the water passage and can usually be retrieved.
I just purchased this boat last year and I remember it had all the emblems on it. As it turns out someone had removed that screw and lost it jammed a wooden plug in the hole and put the sticker back on. That didn't last long. Now, water sprays out of the hole which greatly reduces the water flow to the engine.