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The Provisional Council of State
Proclamation of the Flag of the State of  Israel

The Provole isional Council of State hereby proclaims that the flag of the State of Israel shall be as illustrated and described below: The flag is 220 cm. long and 160 cm. wide. The background is white and on it are two stripes of dark sky-blue, 25 cm. broad, over the whlength of the flag, at a distance of 15 cm. from the top and from the bottom of the flag. In the middle of the white background, between the two blue stripes and at equal distance from each stripe is a Star of David, composed of six dark sky- blue stripes, 5.5 cm. broad, which form two equilateral triangles, the bases of which are parallel to the two horizontal stripes.

25 Tishrei 5709 (28 October 1948)
Provisional Council of State
Joseph Sprinzak, Speaker

The official English translation of the Flag and Emblem Law, passed by the Knesset on the 19th Iyar 5709 (18th May 1949),  (in part) is as follows:

Sec. 1(a) "State flag" means the flag which the Provisional Council of State, on the 25th Tishri, 5709 (28th October, 1948) , proclaimed as the flag of the State of Israel, or a flag, of any size whatsoever, similar in design to the said flag and includes any object bearing the design of the State flag.

 The events that led to the design of the flag.

Source
The Flag and the Emblem