Typo in if within eventrepeat_render_nodes()?

I've been studying the eventrepeat code and have run across a stanza of code that looks like it might be a bug.

//calculate the day of the week, month, and day of the month for the start date of this sequence
        $BYDAY = (int) gmdate('w', ($repeat_data->event_start - $day_offset));
        $BYMONTH = gmdate('n', ($repeat_data->event_start - $day_offset));
        $BYMONTHDAY = gmdate('j', ($repeat_data->event_start - $day_offset));

        //for weekly repeats, set the BYDAY parameter to the same day of the week as the start date for this sequence
        if ($repeatpattern['repeat_RRULE'][0]['FREQ'] == "WEEKLY") {
          $repeatpattern['repeat_RRULE'][0]['BYDAY'] = array($days_of_week[$BYDAY]);

        //for monthly repeats, set the BYMONTHDAY parameter to the same day of the month as the start date for
        //this sequence
        } elseif ($repeatpattern['repeat_RRULE'][0]['FREQ'] == "MONTHLY") {
          $repeatpattern['repeat_RRULE'][0]['BYMONTHDAY'] = array($BYMONTHDAY);

        //for yearly repeats, set the BYMONTHDAY parameter to the same day of the month as the start date for
        //this sequence, and set the BYMONTH parameter to the same month as the start date for this sequence
        } elseif ($repeatpattern['repeat_RRULE'][0]['FREQ'] == "MONTHLY") {
          $repeatpattern['repeat_RRULE'][0]['BYMONTHDAY'] = array($BYMONTHDAY);
          $repeatpattern['repeat_RRULE'][0]['BYMONTH'] = array($BYMONTH);
        }

The very last elseif() in this statement looks like it should be checking for a 'FREQ' of "YEARLY" rather than "MONTHLY". As it stands, I don't see the final elseif() ever executing, nor does the check against "MONTHLY" match the comments above that block.

This is only from reading, not dragging the code into a debugger. It may not be an issue, but just in case this is unintentional I thought I'd raise the question.