SPV-185: We received a deficiency with respect to our Pre-Bid Letter of Credit. The bank agrees with the change. Does the bank have to re-issue and re-deliver the letter of credit to the IPA?

Your bank does not need to and should not re-issue the letter of credit. (If you bank re-issues the letter of credit there could be new deficiencies with the replacement form). Instead, your bank should be issuing an amendment with the changes required by your deficiency notice. Your bank would then send only the amendment to a given letter of credit to the IPA by overnight delivery service.