this one is unusual, never seen this applied to any product of Pelizzoli, and I'm no expert on Italian Heraldry (if that's even what they call it in Italy) but the red "lily" is the very common symbol of Firenze (Florence) which AFAIK has nothing to do with where Pellizzoli hails from (Curno near Bergamo).

Then there's the dual coats-of-arms which appear to have something to do with Milan, the "serpent swallowing the baby" is all over that place so much so that's it's on the Alfa Romeo badge on every vehicle they shipped since early 20th century!

So color me baffled, I have no idea what significance these decals have!

BTW, congrats on getting this unique bike on the road , again!