Check the rear wheel cylinders.  You say they were rebuilt instead of replaced?  The brake warning light comes on when A) the parking brake is set, B) when the shut off pin inside the distribution block closes to prevent complete brake failure.  I've seen this a number of times on GM vehicles.  The best way to tell is to pump up the pedal and have someone hold it while you crack loose the lines at the master cylinder.  If you get pressure there, the problem is behind the distribution block (rotted metal lines, or bad wheel cylinders)
 
Tom

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