SPF/TXT records

[Jeff Lightner]

Question:
When one sets SPF/TXT record is it for the relay server/IP that sent the
email to the internet or the originating one?
 
For example we have a server (atuprd01.water.com) that can not be
reached via the internet.  Email originating there is relayed through
our MS-Exchange server (if sent with domain water.com) or a Linux
Sendmail server (if sent with domain waterinvoice.com).  All email sent
via exchange goes out an IP separate from incoming mail (MX) IP.   All
email sent via Sendmail has a separate IP from incoming mail (MX) IP.  
 
Should the SPF specify the outbound IP (e.g. 12.44.84.204 for
atlsnml2.waterinvoice.com) for the Sendmail server email or the IP/name
for atuprd01.water.com? 
 
Source/Headers for a test message shown below in case it helps:
 
X-Eon-Dm: dm0208
Return-Path: <jllightner at waterinvoice.com>
Received: from atlsnml2.waterinvoice.com (12.44.84.204 [12.44.84.204])
        by dm0208.mta.everyone.net (EON-INBOUND) with ESMTP id
dm0208.4a317b14.3b9c1f3
        for <jclightner at copper.net>; Wed, 17 Jun 2009 07:24:11 -0700
Received: from atuprd01.water.com (atuprd01.water.com [10.0.8.120])
        by atlsnml2.waterinvoice.com (8.13.8/8.13.8) with ESMTP id
n5HEUGY2009868
        for <jclightner at copper.net>; Wed, 17 Jun 2009 10:30:16 -0400
Received: (from jlightne at localhost)
        by atuprd01.water.com (8.9.3 (PHNE_35484)/8.9.3) id KAA21720
        for jclightner at copper.net; Wed, 17 Jun 2009 10:30:13 -0400 (EDT)
Date: Wed, 17 Jun 2009 10:30:13 -0400 (EDT)
From: jllightner at waterinvoice.com
Message-Id: <200906171430.KAA21720 at atuprd01.water.com>
X-Authentication-Warning: atuprd01.water.com: jlightne set sender to
jllightner at waterinvoice.com using -r
To: jclightner at copper.net
Subject: Test from atuprd01
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
 
Please consider our environment before printing this e-mail or attachments.
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