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On the sign:
סמל העיר תל אביב עיריית תל אביב יפו
בבניין זה, בית פעילי ההסתדרות, נפתח בתחילת שנת תש"ח (1947) קורס הטיס הראשון של "שירות האוויר", הזרוע האווירית של ההגנה - צבא המדינה שבדרך. בקורס השתתפו 49 חניכים, רובם טייסים מתנדבים שבאו מחו"ל. מקצתם התנסו בטיסה בארץ והתאמנו בטייסת הפלמ"ח ובקלוב התעופה "אווירון".
סמל העיר תל אביב סמל ההגנה
The Hagana - Israel’s pre-State army - opened its first pilot training course here in 1947, run by its "Air Service" corps. Most of the 49 cadets were volunteer pilots from overseas, and some trained in the Palmach’s squadron and the Aviron aviation club.
The building at the foot of which the sign was photographed that day (this is a new building, erected on the site of the building where the course was located) Click for a larger image
Translation of the text on the sign: The emblem of the city of Tel Aviv Tel Aviv Jaffa municipality
The emblem of the city of Tel Aviv The emblem of the Haganah organization
The rest of the Hebrew text is translated to English on the sign
Click for a larger image 
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