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On the sign:
רח המוביל הארצי 38-48 HaMovil HaArtsi 38-48 St עורק ראשי של מפעל המים הארצי מדרום לצפון
On the pole you can see the emblem of Rosh Haayin
A similar sign with two arrows was photographed that day at the intersection of Ha-Avoda Street and Ovadia Yosef Street Click for a larger image
Translation of the text on the sign: HaMovil HaArtsi (The National Water Carrier of Israel) 38-48 St Main artery of the national water plant from south to north