1998 FORD F SERIES Engine And Engine Coolingcooling System Problems

I WAS DRIVING AN HEARD A LOUD SQUEALING NOISE FROM UNDER THE HOOD. LOST POWER AND LIGHTS DIMMED FOR A BRIEF PERIOD. I PULLED OVER AND SMELLED ANTIFREEZE BEFORE I OPENED THE HOOD. I CHECKED THE COOLANT RECOVERY TANK LEVEL AND IT WAS SLIGHTLY LOW. LOOKED FOR A LEAK AND FOUND A 1/16TH" PINHOLE APPROXIMATELY ONE INCH BELOW THE THERMOSTAT HOUSING GASKET LINE PRODUCING A STEADY STREAM OF ANTIFREEZE DIRECTLY ONTO THE SERPENTINE BELT. THIS STRONG LEAK CONTINUES AS LONG AS THE PROPER FLUID LEVEL IS MAINTAINED, AND STOPS ONCE THE LEVEL FALLS BELOW THE HOLE. TO REFILL THE TANK TO IT'S PROPER LEVEL TAKES APPROXIMATELY ONE US GALLON OF COOLANT, WHICH IMMEDIATELY BEGINS TO SQUIRT OUT THE HOLE, WHETHER THE ENGINE IS RUNNING OR NOT; HOT OR COLD. TOOK IT TO MY MECHANIC WHO TOLD ME ALL HE COULD DO IS REPLACE THE ENGINE, WHICH I HAVE NOT DONE....