up2date missconfiguration

[Amadeus W. M.]

Running FC4. 

I have livna.repo in /etc/yum.repos.d/ with the following contents:

[livna]
name=Livna.org Fedora Compatible Packages
baseurl=http://rpm.livna.org/fedora/$releasever/$basearch/RPMS.lvn
enabled=1
gpgcheck=1
gpgkey=http://rpm.livna.org/RPM-LIVNA-GPG-KEY


When I try to upgrade the system with up2date, the livna repository shows
up, and when highlighted the channel information says

repomd channel livna from  http://rpm.livna.org/fedora/3/i386/RPMS.lvn

Why is it looking for FC3 rpms? I suspect the 3 is given by the releasver
variable from livna.repo, but where is that set, and why is that set to 3?

Thanks!

P.S. I did update the system with yum update, but it's nice to see when
new updates are available, that's why I still want to fix up2date.