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Your plants will grow in those conditions but they are far from optimal. You should try to keep the temps about 15 degrees coolers than that. With those temps in veg your plants will stretch and in flower it will make your buds less dense, both reducing your yields.
During the summer its probably a good idea to run your lights at night if you can. Then during the day make sure that there is sufficient air exchange within your growroom. This should help with the temps maybe lowering them 5-10 degrees.
It is probably not the daytime temperature that is important but night temperature. When the lights are out or dark period, you want cool temperatures. This is the time the plants are having alot of respiration (burning alot of accumulated energy from the light period). http://hcs.osu.edu/mgonline/Botany/pla02/02pla02.htm It is most efficient when you have cool temperatures. 86 degrees f is probably as high as you want during lights on and under 70 degrees during lights out.
Well I am using a dedicated 5000 btu ac unit (pics in my grow thread) and the temps are better but can reach 90 degrees once in a while when I give the unit a rest....