Fuel
Shadow,
The vehicle does this by design. That is the float chamber drain valve, and this indicates a flooded carburetor. The needle valve for one (or both) carburetor(s) is stuck in an open position and thereby floods. The excess fuel is discharged through this drain valve. This often occurs as a result of a damaged float in the carburetor float chamber. The float or needle (or both) will need replacement.
Hope that helps!
Kevin