Spooph nailed it.
Figure out what the bolt size is, go to hardware store, pick up a tap for the next size up, corresponding drill bit for the tap, and STAINLESS STEEL bolt, in hex, allen, or button head design of your choice, and if you can find it, a copper washer. I prefer button allen heads myself.
Put it into a vice and gently snug it with a towel between it and the jaws. A pair of vice grips and a work bench work as well, again use a towel. Drill STRAIGHT down through the old bolt, carefully tap the new threads, use the copper washer under the new bolt, or, use a thread sealing compound.
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