plug on bottom of coolant overflow/recovery tank

Just picked up an 05 Tacoma and noticed this on the bottom of the coolant overflow recovery tank. Looks like a hose with hose clamp is on the bottom nipple. Is this normal?

 

Not sure but looks like the drain for the tank

 

Normal but rusty.
Did you take a good look at the frame good before buying?

 

Frame was pretty rusty, talked to toyota, from what I was told a New frame is coming my way . Looks moist around the plug, do they tend to need replacement or leak?

 

I noticed that too..
I would replace that rusty clamp, it may have lost tension. And if that does not work, replace the plug.
If the tank was filled recently it could be from spillage that ran down.