Now make a knot in the wire at the base of the wire sticking through the hole. You should have a knot just inside, and just outside the bottom of the basket. The wire shouldn't be able to slip out. These wires are there so the fly line doesn't stick to the bottom of the basket as a result of water tension. You'll have little arcs of wire popping up on the bottom.
Some people glue halves of plastic easter eggs on the bottom instead.
Whatever floats your boat - or keeps your line from sticking. Drill two larger holes on each side of the rim of the basket for your bungee cord. Work on the right length of cord and the right placement of rim holes before you start. I find that by running the cord through the belt loops on the back of my pants the basket hangs just where I want it. Tool Necklace - There are vests, fanny packs, chest packs, wading belts and so on.