Bloy is right
It is the thin film of machine oil that provides the medium for slim bacteria to munch on. And keeping the coolant in an air-tight just aggravates the problem, because anerobic action is also part of the stink. I suppose not enough air penetrates the oil slick, or a slime skin once formed.
I got sick of cleaning the machine sump as Einar wrote about, so I simply use a five gallon pail as a sump now. It is easier to rig up a skimmer and also easier to dispose of the coolant and to disinfect this kind of sump.
Unfortunately, I think it is impossible to eliminate slime bacteria no matter how much you scrub. So it becomes a matter of replacing coolant regularly. This is the most affordable for the infrequent user.
The synthetic coolants last quite well, but I still only get maybe 3 months of use before I change it. The weaker dilutions, although cheaper, have a shorter life. But it may make more sense to just mix up a little bit of weaker solution and be happier to dispose of it more frequently. Again, the pail sump allows you to mix up less coolant and yet still have sufficient depth to cover a small submersible pump.
First you get good, then you get fast. Then grouchiness sets in.
(Note: The opinions expressed in this post are my own and are not necessarily those of CNCzone and its management)