There is a speaker protection network in most of Peavey speakers protecting the tweeter horn.
It consists of a Polyfuse (round disk about the size of a nickle or quarter, a resistor and an incandescent bulb.
Circuit can be found at: (go to last post attachment) http://forums.peavey.com/viewtopic.php?f=26&t=2260
Copied from earlier post I made for another.
For the MOST PART the lamp is NOT the primary path for the speaker current, the POLYFUSE is and is a low resistance until it is overdriven.
The bulb is a 12 volt bulb and is nominally 2.1 amps when used on 12.8 volts.
If this is in regards to the other problem mentioning 32 watts and 12.8 volts... this bulb is NOT 32 Watts, it is 32 CP or 32 Candlepower which is NOT Watts in general. The lamp is actually around 27 Watts when run at its ratings.
It is important to realize that the lamp and the resistor are there ONLY as a "soft" path when the POLYFUSE opens due to overcurrent. When the polyfuse cools, the lamp and resistors are effectively shorted by the Polyfuse and most of the current again flows through the polyfuse..
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