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While doing a front brake bleed I noticed that the front springs had a threaded bolt (ride height adjustment?) popping through a drilled hold at the end of the springs. There was no nut on the top of the of the bolt holding down the spring. There is obviously a lot of tension so the risk of coming off, but should their not be a bolt or at least a safety clip of some sorts?
There isn't supposed to be anything there. The spring bows upward as you drive down the road. That bolt you see is indeed the ride height adjustment. I believe its primary function is to center the pressure of the spring into the lower control arm. The spring is threaded, and since the bolt is under tension, it's not going anywhere.
Here is a thread on lowering the C5 that shows a thin metal retainer on the front bolts. Many cars including my 04 came from the factory with the metal retainer: