In a large pot on medium-high heat combine water and stock and keep at a simmer until needed. In pot over medium-high heat add 2 tbsp butter and onions and cook for about 5 minutes. Add the rice peppers and seasoning and stir until the rice is well coated with butter. Add the wine and cook until it has been absorbed stirring constantly. Add an 8 oz. ladle of hot stock and stir until it has been absorbed keep adding the stock one ladle at a time until the rice is cooked for approximately 15 minutes. Add cheese and remaining butter stir and let rice cool completely. Place eggs flour and panko into 3 separate bowls. Using a 1 oz scoop form rice mixture into a ball and coat in flour then egg and panko set aside. Repeat until all of the rice is used. Fry rice ball in a 350F fryer until golden brown. Serve with your favourite sauce.
