TOPIC: Volvo/Penta broken hose(photos in "Stern Drive" fo

I've never had an I/O before and I cannot identify this hose(see attainments). Does anyone know the purpose of this hose. It looks like it should exit from the hole in the drive mount, but for likes of me I cannot find it's origin inside the bilge, or attached to any part of the engine,heat exchangers or water pump system. The motor (Ford 351 engine w/Volvo 240A marine, and Volvo 280 I/O) runs fine, correct temp no overheating. Immediately after pulling the boat out of the water, a quantity of water(1/2 gal or more) drains from this broken hose at the ramp?
I ran it today on the muffs to see what it does. Water and exhaust come out of the upper main exhaust port,but this unknown hose also cycles water out. I don't want to keep running the boat if this could cause trouble. .Thanks for any knowledgeable response.