Hmmmmm...
I bought a tool bag once, it lashed to the lower tree with velcro straps. Not watertight or dirttight or anything tight. I wouldn't put a sandwich in it. Or tools. Or anything that I wanted to keep. Nope. Wouldn't do it.... and it had the side flaps and a front closure that drew the top down pretty darn tight.
Recently, I got an email from Formotion, the clock people. They have a gizmo called a "Bag-It" that they are selling at a discount around $30. They no longer sell the matching bag however. This is a bent, Z shaped chromed plate that bolts to your license plate bracket and allows you to mount a small tool bag to the back of your bike. I bought a Saddleman's rectangular tool bag and mounted it to this bracket and it is a practical addition for me. I can carry small stuff, a bottle of (insert beveraqe here), and it is above the rear fender, essentially out of the elements. This won't appeal to everyone, but it works for me.....
Bag-It