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Tom --
If you're measuring 11.85 volts with NO LOAD present (that is, you're NOT trying to blow the horn) but have 12.25 volts at the battery, then you have a very bad connection somewhere in the power path from battery to horn.
If you have no load then you have no current draw which means you should have no voltage drop. But you have a 0.5 volt drop due only to the impedance of your meter (which should be very high and thus impose no load on the circuit). In other words, you have a very high resistance somwehere. I bet the horn voltage drops from 11.85 to 0.00002 when you try to blow the horn. (If you had a solid and reliable 11.85 volts at the horns, they should still work fine.)
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