Well, I can tell you first off you need to get all the old out, because the silicone will not stick to silicone. Use a razor blade or something like that, I scraped mine out as much as possible, then used rubbing alcohol to get the residue off, scraped some more, used the alcohol and continued until all little bits were off. Be sure to get all the scrapes out (I used a little hand broom and dust pan to sweep it into and out of the tank). You have to be sure to do the entire tank though at one time, I don't think there is anyway to just "fix" one spot. Use 100% silicone (nothing added to it) GE makes a good one. Be prepared for the smell OMG, it is rough!!! Then re-seal the entire tank, let it sit for at least 24 hours, fill with water (outside, in garage) anywhere you don't mind water spilling out to..just incase it does leak let it sit with the water in it for a few days just to be sure the seal is going to hold.
I'm sure others will have more advice on this..but that is what I did to mine.
~Good Luck!!!