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The water pump is designed to drip coolant out weep holes when the internal seals are failing. This is per design to let you know it is time to replace it. Also Grab opposite ends of the round pulley and check for "play" (looseness): Try to rock it back and forth. There should be no give. If there is, the bearings are going and it's time to replace the water pump. By the time you can feel play in the water pump pulley, you may also be able to hear the bad bearing when the engine is running - there may be a low-pitched grinding noise coming from the water pump pulley.
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