Place the ground beef, onion and peppers in a skillet over medium high heat. Saute until the meat is browned and the vegetables have softened. Drain any excess fat.
Reduce the heat on the stove to low, add the ketchup, water, brown sugar, Worcestershire sauce, yellow mustard and garlic powder. Stir to combine, and saute for 5-10 minutes until the sauce thickens.
Place the Texas toast on a baking sheet and toast under the broiler until golden brown.
Top each piece of toast with a slice of American cheese and place the baking sheet under the broiler for 30 seconds.
Add an equal portion of the meat mixture to the top of each piece of toast and then add another slice of American cheese.
Place the baking sheet under the broiler again until the cheese has melted.
