iOS Looping methods - allocation repeated?

[mymac1]

Hi,
I am curious regarding the iphone devkits OpenGL spinning square example.

the method 'drawview' is repeated every 1/60th of a second which updates the angle of the square on the screen.
Within the 'drawview' there are items like 'vertice arrays', texture bindings, and contexts allocated.
Does this mean that every call to the 'drawview' will re-allocate resources every time the program encounters them within the loop?

I did notice that the EAGL context is released at the end of the 'drawview' possibly just to be re-allocated again at the next pass?

Thanks in advance.
M!