IMO, that means the transformer is most likely good. Here's some documentation on the power switch including switch schematic. One side of the rocker switch (if that's what you have) is for the internal neon indicator lamp.
https://peavey.com/manuals/80300037.pdf
With switch on, I'd check to see that AC is getting to the transformer primary measured right at primary leads.
https://peavey.com/manuals/80300037.pdf
With switch on, I'd check to see that AC is getting to the transformer primary measured right at primary leads.
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