Cooling fan control
It's a little more complicated than one simple 'AND' or 'OR' situation.
If the speed goes over 40, the fan power cuts off. Regardless of other conditions.
If the speed is under 40 and either the coolant temp is up 'OR' the A/C is on, then the fan is powered.
To further complicate the picture, different years have different decision points (temps, pressures, etc.) and different years have one fan or two fans and the two fans may be wired to run in series (slow) or parallel (fast) depending on either coolant temp or A/C head pressure.
Worse yet, a previous owner may have 'tweeked' the set points or made extensive modifications to the fan control system, changed the thermostat temperature, etc.
Your '86 is different from my '95 but for example, here's how mine works; if the A/C is on, the fans run 'slow' and when the head pressure rises, the fans run fast. Same is true for coolant temp. and the fans come on 'slow' at about 215 and on 'high' at about 230. I'm told that the fan power is removed above 40mph but have never rigged up a way to verify it.
Check the Helms manual for your exact year to discover how your year Corvette left the factory.
Good luck.
PS my '95 does not but I once had a '91 Buick that ran the fans for a few seconds after startup. Perhaps it was some self-diagnostic. Also, if the ALDL connector is used, the fans run.