Re: 1976 45hp no spark
There are two brown wires (possibly black) that look like lampcord. They come from under the flywheel and connect one to each set of points along with the condenser wires. These brown wires are the kill circuit. Each wire must be connected to a different terminal om the engine terminal strip, one to white and one to blue. At the ignition switch, white must connect to one "M" terminal and blue must connect to the other "M" terminal. The two "M" terminals are in continuity when the switch is off, shorting the two brown wires and points together, killing ignition.
To test, remove both brown wires from the engine terminal and insulate the ends. Now try to get spark. If you do get spark, then the problem is downstream, either in the wire cable or the ignition switch. If you still don't get spark, then the problem is under the flywheel, possibly a short, bad condensers (I know, you tested them), or bad magneto coils.
The engine MAY have a deadman switch also wired with these. The switch usually has a red tab on top and will need a small plastic clip inserted into it. When the clip is pulled out--as when a man goes overboard-- the deadman shorts the two brown wires together, killing ignition.
Magneto coils are dual wound with the low voltage coils and the high voltage coils having a common ground. Testing between ground and hot side of the points should yeild a low resistance. If you get infinite ohms, there is a open in the low voltage coil. testing between the spark plug terminal and the ground on the magneto plate should yeild a very high resistance. Again, an infinite reading means that there is a break in the fine wire coil. Lastly, you must be certain that the ground wire from the magneto plate to the engine block is in place and not broken. The magneto plate is partially insulated from ground by grease and without the ground wire to the block you may not have sufficient grounding to get spark.